Americans Still Falling for Love Scams, Study Finds
Sometimes, as the song says, love hurts. And that can be especially true when what you thought was a real relationship turns out to be a scam that costs you a lot of money.
Unfortunately, that is the case for the thousands of Americans who fall victim to romance scams each year.
More than 66% of respondents to a survey conducted Wednesday by cybersecurity firm Malwarebytes admitted to having been targeted by scammers, with 10% of victims saying they lost more than $10,000 and 3% saying they lost $100,000 or more.
The pulse survey, a short questionnaire, was conducted between August 5 and 15 and included responses from 850 Malwarebytes newsletter readers from around the world.
The survey results are consistent with federal data. Last year, the Federal Trade Commission received 64,003 reports of romance fraud. Losses amounted to $1.14 billion, with the average loss per victim being $2,000.
Those numbers may seem staggering, but they likely represent just a fraction of what romance scammers take home each year. Experts say many victims never report being scammed because they’re embarrassed or don’t think coming forward will help.
Forty percent of respondents in Malwarebytes’ August survey said they’ve never told anyone they’ve been scammed, while only 11% said they’ve reported their crime to law enforcement or a nonprofit.
Romance scams themselves, also known as pig-butchering scams, are not new. Scammers approach victims online, often through social media and dating platforms, and start an online relationship. They often build trust for weeks or even months before asking for money or personal or financial information.
Of the victims surveyed by Malwarebytes, 26% said their relationship lasted “an extended period of time,” while 12% said the relationship lasted several months, and 5% said they communicated with their scammer for a year or more.
But once the scammers got what they were looking for, they disappeared again. The vast majority of scammed individuals (94%) said they never got their lost money back.
Read on for tips on how to avoid a fall.
Tips to prevent love fraud
Be skeptical of unsolicited emails, text messages, or social media messages. There is no way to know who the people behind them really are. If someone claims to be out of the country or otherwise says they can’t meet in person, take that as a big red flag.
Stick to your dating app. The companies behind dating apps don’t like scammers because they’re bad for an app’s reputation. That’s why they have algorithms and other safeguards designed to spot scammer behavior. Be wary if someone tries to move your communications to a third-party messaging app like WhatsApp or Signal.
Never give money to people you don’t know in real life. If someone you’ve never met in real life asks you for money to travel to the US to see you, to pay for medical care, or to help you deal with a sudden tragedy, you should consider it a scam. The same goes for the key to your cryptocurrency wallet.
Protect your private information. Never send personal information like your Social Security number. If someone asks for nude or otherwise explicit photos, say no. The FTC says that cases of “sextortion” — in which cybercriminals threaten to send such photos to people’s contacts if they don’t pay — are on the rise.
Do your homework. People who use dating apps and sites are probably tech-savvy enough to have a social media presence. Check it out. While you’re at it, do a reverse image search of your potential date’s photo. If it pops up somewhere else under a different name, stay away.
Be wary of high returns. Don’t send your money or cryptocurrencies to online friends who say they have a great investment opportunity for you, even if they promise huge payouts.
Good cyber security ensures that you stay safe. As always, set strong passwords, use two-factor authentication, and make sure your antivirus software, operating systems, and apps are all up to date. These basic practices will go a long way if you click on something or download something you shouldn’t.
Report crimes that actually happen. If you are a victim of fraud, please report it to the FTC And the FBI’s Internet Crime Complaint Center, or IC3.
