According to a report by Statista, an estimated 440 million people will use online dating apps by 2027. While many people use dating apps and websites to find love, others use it to exploit others for financial gain.

The first two blogs in the elderly financial exploitation fraud spotlight series addressed the “grandparent” scam and the lottery and sweepstakes scam. Now, let’s look at the romance scam.

What is the romance scam?

You receive a message on a dating app from someone claiming to be a long-lost friend. She doesn’t have many pictures on her account and continues to find reasons to avoid meeting up in person. She messages you consistently and has made declarations of love. After a few months, she says she needs some money to pay for emergency medical bills. Instead of sending over the money, look at the warning signs within the situation.

How do criminals commit romance scams?

Everyone wants to be loved. Unfortunately, criminals have found ways to target the elderly population by manipulating this need. Malicious actors create fake accounts pretending to be a romantic interest or a long-lost friend. They target lonely members of the older population looking for love and companionship by messaging regularly to build trust. Once the relational foundation is established, the scammer will use the illusion of a romantic relationship to manipulate or steal from the victim.

How to avoid losing money in a romance scam

The first step in protecting yourself is becoming educated. Romance scams typically involve a fast-moving relationship, careful avoidance of in-person meetings, and a request for money.

1. Scammers pretend to be in love quickly. To earn your trust, the scammer may message you daily, declare his or her love for you, or ask to marry you in a very short time span. By establishing a relationship as quickly as possible, the scammer hopes to spend more time manipulating you into gaining access to your finances.
2. Scammers don’t meet in person. The quickest way for the scammer’s plans to fall through is for you to realize that the fake photos posted on their account don’t match up with what they look like in person. If an individual keeps making excuses not to meet up in person, this should serve as a warning that this is not a real relationship but one fabricated to commit fraud. While the “love interest” may give reasons for being unavailable to meet such as being on a work trip or serving in the military overseas, a real love interest would keep their promise of meeting in person.
3. Scammers ask for money. A scammer’s goal is to take your money, so if an online love interest asks you for money or an expensive favor, you should flag this behavior as a warning sign. He or she may ask for gift cards or cash to cover unexpected expenses. Never send money to anyone who you have only ever communicated with online or over the phone; a real love interest will not seek out your finances.

In addition to knowing the warning signs of a romance scam, you should also practice safe habits online. Be cautious of what you share on social media because con artists can use that information to better target you. Adjust your account’s privacy settings and avoid posting personal information.

Reporting EFE

If you believe you or someone you know has fallen victim to elder fraud, contact your local law enforcement or branch of the National Adult Protective Services Association. You may also file a report with the FBI. If you have given out account information or personal financial information, contact your banker immediately.

One way these criminals continue to find success in these schemes is by the lack of reporting. While it may feel embarrassing to admit that you have been scammed, reporting the fraud may help track down the criminal or make others more aware of the fraud tactics.