Trend Micro vice president of threat intelligence Jon Clay details ‘the big red flags’ associated with romance scams.
Valentine’s Day is a time for love, but unfortunately, it’s also a prime opportunity for scammers looking to prey on hopeful romantics.
Romance scams cost Americans some $1.14 billion in 2023 alone. If you’re out there looking for love – or even just a new connection – you need to be on high alert this Valentine’s Day. Scammers have gotten more sophisticated, but with the right knowledge, you can protect yourself and your finances from heartbreak.
Common Romance Scams to Watch Out For
Romance scams come in many different shapes and sizes, but the goal is always the same: to manipulate you into sending money or personal information. Here are some of the most common schemes that have popped up over the past several years.
Romance scams cost Americans some $1.14 billion in 2023 alone. (istock / iStock)
The Long-Distance Lover – This scam typically starts on dating apps or social media. The scammer pretends to be someone looking for love but claims to be working overseas (as a soldier, doctor or business person). They’ll spend weeks – or even months – building a relationship with you before suddenly needing money for an emergency, a flight home or a business investment.
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The Fake Profile – Scammers often steal photos from real people and create fake profiles to lure in their victims, especially on platforms now like Facebook that have an older audience. If the profiles seem too good to be true – it’s because they are. If their photos look like they belong in a magazine, do a reverse image search to check if they’ve been stolen from someone else.
The “I Need a Gift Card” Trick – Instead of asking for cash, some scammers request gift cards as a form of payment. This is almost an instantaneous tell. They’ll claim they need one to pay for a medical bill, a phone bill or even to for you to prove your love to them. Once you send them the gift card codes, the money is gone forever.
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The Cryptocurrency Con – With Bitcoin crossing $100,000, more scammers are now convincing victims to “invest” in cryptocurrency. They might tell you they’ve made thousands of dollars and want to help you do the same. Once you send them money, you’ll never see it – or them – again. Some romance scammers will tell you they don’t need cash or gift cards but transfer them some cryptocurrency.
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The Sextortion Scam – If someone you meet online pushes you into sending explicit photos or videos, be wary. Scammers often use these images to blackmail victims, demanding money in exchange for keeping the content private. Once those…