Romance scams have surged during the pandemic, cheating online daters out of millions of dollars in the quest for love. In 2021, consumers lost a record $547 million to romance scams, according to a report from the Federal Trade Commission. That represents an 80% increase compared to 2020 and brought the median personal loss to $2,400. “The data doesn’t tell us exactly why it’s happening, but I think it’s reasonable to assume that the pandemic may have helped to fuel the continued growth by attracting more people to online dating apps and social media where they’ve ending up being connected with these scammers,” said Emma Fletcher, a senior data research at the FTC.
Since 2017, people have reported $1.3 billion in losses — more than any other kind of fraud that the FTC tracks. Fletcher said. “It truly is a huge concern,” she said, adding that most people don’t report these kinds of losses. Common scams There are a few scams that are most prevalent in online dating. Many fraudsters will ask you for money relatively soon after matching online, including funds to buy a plane ticket to come see you. Some of these tricks are similar to what viewers saw in Netflix’s online-dating scam documentary, “The Tinder Swindler.” Last year, investing scams also increased, according to Fletcher. Those refer to instances when someone online gives specific investment advice and usually a link to where you should send your money. More from Invest in You:
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Meet the company that offers its contract workers benefits and job security These scammers often pretend to be savvy investors giving advice to their “romantic” targets, said Fletcher. “[Victims] don’t think they’re sending money to a scammer.” Many scams also utilize cryptocurrency, a payment method that’s difficult to track. In 2021, people lost $139 million in cryptocurrency to romance scams, with a median individual loss of nearly $10,000, according to the FTC. Red flags There are a few things that online daters can do to protect themselves and avoid becoming a victim, according to Nev Schulman, host and executive producer of MTV’s “Catfish: The TV Show.” First, make sure the profile you see isn’t too good to be true. Asking yourself if the profile matches the type of person you’ve typically gone out with in the past is a good place to start, said Schulman, who has partnered with Zelle to educate consumers on scams. “You also want to watch out for people whose lives seem mysterious,” said Schulman. “As alluring and exciting as that might be, if you’re going to talk to someone and potentially date them, you want to know what they do and where they are.”
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