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FTC Reports Alarming $1.3 Billion Lost to Romance Scams in 2022, Warns Singles Ahead of Valentine's Day

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Published on February 01, 2024
FTC Reports Alarming $1.3 Billion Lost to Romance Scams in 2022, Warns Singles Ahead of Valentine's DaySource: m01229 from USA, CC BY 2.0, via Wikimedia Commons

As Valentine's Day approaches, singles teeming with hope may find themselves facing the darker side of looking for love: romance scams—a term that heralds the caution of law enforcement and scam prevention experts. According to the Federal Trade Commission, unsuspecting hearts suffered a staggering $1.3 billion loss to such fraudulent activities in 2022, with each victim averaging losses upwards of $4,000, as reported by CBS News Detroit.

Scammers, donning the guise of potential partners, engage with their targets on popular dating platforms as well as social media sites—Facebook and Instagram being among the favored hunting grounds, where 40% of reported romance scam victims met their charlatans, according to the FTC study. These swindlers craft elaborate stories, refusing video calls and meetings, concocting emergencies, and then making the ask—for money, gift cards, or cryptocurrency moves a conversation to a financial plea, you've likely hit upon a scam, echoes insights from a PAHomepage interview.

Genevieve Gresset from The Match Making Company warns of the subtler signs of these scams. A lover's quarrel with the truth is hardly noticeable until the retrospective clarity of being scammed provides bitter illumination. The scams are not restricted to lovers' celebrations, with Pennsylvania State Police Trooper Anthony Petroski pointing out that scams can strike at any time, and a sudden change in a person's luck is often a fabrication leading to their deceitful punchline: asking for money—according to his remarks to PAHomepage.

Experts like Ayleen Charlotte, a scam advisor and advocate, cite moving communications away from dating apps and an unwillingness to video chat as key red flags these love-lorn tricksters often raise, when sweet nothings turn into a well-practiced script it's a clear-cut warning you might be dealing with a hustler—Charlotte detailed her insights to NerdWallet. Charlotte, whose own encounter with a romance swindler was spotlighted in the Netflix documentary "The Tinder Swindler," now lends her misfortune to educate and prevent such schemes, stressing the quick rush of a budding online relationship should rather be approached with a slow, cautious gait.