True Love or True Romance Scam?

According to the FTC, romance scam reports have nearly tripled since 2015. Moreover, people reported losing more money to romance scams in the past two years than any other fraud reported to the FTC.

What is a romance scam?

Romance scams happen when someone creates a fake profile on dating sites, apps, or social media. The imposter will message you and try to create a relationship and win your trust. Then, they’ll ask you for money or say they want to help you invest in cryptocurrency. If you send money, they may ask again until, without warning, the messages stop, and you can’t contact them. At that point, your connection has disappeared with a piece of your heart–and your wallet.

Know the warning signs.

• Be cautious if you receive a direct message or friend request on social media from someone you don’t know or aren’t close to.
• Requests for money using cryptocurrency, gift cards, wire transfers, or a payment app are indicators of a scam. If someone asks you for money, get a second opinion from someone you trust before obliging.
• Look out for claims of a secret method of making money or unsolicited offers of financial advice. Visit investor.gov for advice on investing and spotting fraud or contact your financial institution.
• Scammers can use emotional manipulation or exploit vulnerabilities to steal your money. They prey on your emotions and get you to act quickly by saying they have an emergency or that they want to travel to visit you.
• If someone tells you they can’t meet you in person, or always have an excuse, it’s a red flag. Scammers often adjust their story to each situation to sound believable. They might say they are traveling, working strange hours, or are overseas. Video calls should not substitute for meeting in person. Photo editing and convincing video calls can be used to create an illusion of closeness and authenticity.

How to protect yourself.

• Limit who can see your social media profile or posts by setting restrictions in your privacy settings. Scammers try to insert themselves in your life using information they read from your online profile.
• If you suspect a scam, stop communicating with the person immediately, and block their phone number and social media profile.
• Talk to someone you trust. Do friends or family have concerns about your new love interest?
• Do a reverse image search of the person’s profile picture or the pictures they send to you. If the name or details don’t match up, it’s a scam.

 What to do if you’ve fallen victim to an imposter scam.

• Contact the financial institution (bank or credit card company) you used to send the money and let them know what happened.
• Report the fraud to the FTC at ftc.gov.
• Alert any other financial institutions you may use, the three credit bureaus, Social Security, and the IRS that you were the victim of a scam and that your personal information was compromised.

Many victims of romance scams are left grappling with feeling of shame and self-blame after they realize they have been betrayed. These feelings are natural responses to deception, but can be overcome with knowledge, support, and compassion. Share your story, seek support, and stay educated on the evolving tactics of scammers to foster awareness.

TruNorth Bank is looking out for you.

We’re committed to keeping you informed about the latest scams and ways to protect your money and personal information. For more information and valuable tools to help you stay safe, visit our fraud prevention webpage, stop by your nearest office, or call Customer Care at 978.573.1300.