FTC exposes romance scammers’ lies costing victims over $1 billion in losses

Romance scammers received a hefty payout last year, with some 70,000 victims losing a whopping $1.3 billion, according to the Federal Trade Commission’s (FTC) latest report.

The median reported loss in 2022 reached $4,400 per victim, and FTC data shows that 40% of the people who lost money began their ‘relationship’ with the scammer on social media.

Besides unexpected private messages via social media, 19% of victims said they met their romance scammer on dating platforms and apps. Once hooked, the scammer persuaded the target to move the conversation to direct messaging apps such as WhatsApp and Telegram.

“These scammers pay close attention to the information you share, and don’t miss a beat becoming your perfect match,” the FTC said. You like a thing, so that’s their thing, too. You’re looking to settle down. They’re ready too. But there is one exception – you want to meet in real life, and they can’t.”

The FTC report delves deeper into the excuses that scammers make for not meeting their victims in real life.

The most popular lies include:

• “I or someone close to me is sick, hurt or in jail” – 24%
• “I can teach you to invest” – 18%
• “I’m in the military far away” – 18%
• “I need help with an important delivery” -18%
• “We’ve never met, but let’s talk about marriage” – 12%
• “I’ve come into some money or gold” – 7%
• “I’m on an oil rig or ship” – 6%
• “You can trust me with your private pictures” – 3%

Once a target is hooked, the scammer makes up additional excuses to request money from the victim. According to the FTC’s analysis, the largest aggregate reported dollar loss in 2022, was in crypt. However, more people said they paid in gift cards than any other method.

“You may have heard about romance scammers who tell you they’re sick, hurt, or in jail – or give you another fake reason to send them money,” the FTC added.

“But did you know that many romance scammers operate by offering to do you a favor? They may claim to be a successful cryptocurrency investor who’ll teach you how it’s done. But any money you “invest” goes straight into their wallet. In another twist, they might say they’ve shipped you a valuable package (not true), which requires you to send money for “customs” or some other made-up fee. It’s all a lie. You send the money, and the package never turns up.”

Romance scammers also carry out sextortion against victims who share explicit photos with them. This is especially true for people aged 18-29 who were also targeted on Instagram and Snapchat.

Cold-hearted individuals who exploit people looking for love online often set up fake profiles using stolen photos and made-up names. As a rule of thumb, always consider the possibility that your online love interest is trying to scam you, and never give strangers access to sensitive personal information.

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