Reports of romance scams hit record highs in 2021
Online dating can be a great way to find lasting love – or even your next fling. But reports to the FTC suggest it also creates opportunities for scammers. In the past five years, people have reported losing a staggering $1.3 billion to romance scams,[1][2] more than any other FTC fraud category. The numbers have skyrocketed in recent years, and 2021 was no exception – reported losses hit a record $547 million for the year. That’s more than six times the reported losses in 2017 and a nearly 80% increase compared to 2020. The median individual reported loss in 2021 was $2,400.[3]
Reports show that romance scammers are masters of disguise. They create fake online profiles with attractive photos swiped from the web. Sometimes they even assume the identities of real people. They may study information people share online and then pretend to have common interests. And the details they share about themselves will always include built-in excuses for not meeting in person. For example, many reportedly claim to be serving overseas in the military or working on an offshore oil rig.
Many people who’ve experienced scams report being contacted on dating apps. But you don’t have to be looking for love to be courted by a romance scammer. Reports of unexpected private messages on social media platforms are common. More than a third of people who said they lost money to an online romance scam in 2021 said it began on Facebook or Instagram.[4]
Romance scammers weave all sorts of believable stories to con people, but their old standby involves pleas for help while claiming one financial or health crisis after another. The scammers’ stories might involve a sick child or a temporary inability to get to their money for a whole range of reasons. People who lost money to a romance scammer often report sending money repeatedly: they believe they’re helping someone they care about. But it’s all a lie.
In another common twist on the romance scam, people agree to help transfer money as a favor to their supposed sweetheart. The scammer often claims to need help getting their inheritance money or moving funds for an important business deal. Stories like this often set people up to become “money mules” – they may think they’re just helping, but they’re really laundering stolen funds. These stories are also used to trick people into sending their own money. People have reported paying all sorts of bogus fees to accept money that never turns up. Others say they deposited a check from their sweetie and sent some of the money as instructed, only to find out later that the check was fake – leaving them without the money they sent. Still others report sending money based on promises – later proven to be false – that they would be repaid.
A growing trend in 2021 was scammers using romance as a hook to lure people into bogus investments, especially cryptocurrency. People are led to believe their new online companion is a successful investor who, before long, casually offers investment advice. These so-called investment opportunities often involve foreign exchange (forex) trading or cryptocurrency. And when people follow this investment “advice,” they wind up losing all the money they “invest.”
Online dating can be a great way to find lasting love – or even your next fling. But reports to the FTC suggest it also creates opportunities for scammers. In the past five years, people have reported losing a staggering $1.3 billion to romance scams,[1][2] more than any other FTC fraud category. The numbers have skyrocketed in recent years, and 2021 was no exception – reported losses hit a record $547 million for the year. That’s more than six times the reported losses in 2017 and a nearly 80% increase compared to 2020. The median individual reported loss in 2021 was $2,400.[3]
Reports show that romance scammers are masters of disguise. They create fake online profiles with attractive photos swiped from the web. Sometimes they even assume the identities of real people. They may study information people share online and then pretend to have common interests. And the details they share about themselves will always include built-in excuses for not meeting in person. For example, many reportedly claim to be serving overseas in the military or working on an offshore oil rig.
Many people who’ve experienced scams report being contacted on dating apps. But you don’t have to be looking for love to be courted by a romance scammer. Reports of unexpected private messages on social media platforms are common. More than a third of people who said they lost money to an online romance scam in 2021 said it began on Facebook or Instagram.[4]
Romance scammers weave all sorts of believable stories to con people, but their old standby involves pleas for help while claiming one financial or health crisis after another. The scammers’ stories might involve a sick child or a temporary inability to get to their money for a whole range of reasons. People who lost money to a romance scammer often report sending money repeatedly: they believe they’re helping someone they care about. But it’s all a lie.
In another common twist on the romance scam, people agree to help transfer money as a favor to their supposed sweetheart. The scammer often claims to need help getting their inheritance money or moving funds for an important business deal. Stories like this often set people up to become “money mules” – they may think they’re just helping, but they’re really laundering stolen funds. These stories are also used to trick people into sending their own money. People have reported paying all sorts of bogus fees to accept money that never turns up. Others say they deposited a check from their sweetie and sent some of the money as instructed, only to find out later that the check was fake – leaving them without the money they sent. Still others report sending money based on promises – later proven to be false – that they would be repaid.
A growing trend in 2021 was scammers using romance as a hook to lure people into bogus investments, especially cryptocurrency. People are led to believe their new online companion is a successful investor who, before long, casually offers investment advice. These so-called investment opportunities often involve foreign exchange (forex) trading or cryptocurrency. And when people follow this investment “advice,” they wind up losing all the money they “invest.”
