SmartBanking Blog

Revisiting Romance Scams

                The numbers are in, and according to the FTC, romance scams continue to victimize Americans. With reported numbers above sixty-four thousand in 2023, romance scams are one of the more prevalent imposter scams out there. Luckily, many romance scammers follow a very similar playbook!

                Most romance scams follow a very similar series of events. These steps are usually:

• Initial contact
• Relationship building
• Money extortion
• Resolution

The initial contact phase does not just happen the first time the criminal contacts his victim. Once the scammer has set their sights on their potential victim, they will research them online. Using information gathered from the victim’s social media and/or dating profile, the scammer will contact the victim using a fake profile. This profile will be made to make the scammer look attractive through stolen photos and vague but enticing details. The initial message from the scammer may be overly complimentary, may attempt to establish common interests, or may play on the victim’s emotions.

                Next, the scammer will spend weeks, months, or even years building a relationship with their victim. They will attempt to find out the victim’s hopes, dreams, and fears to levy them later. Some scammers will employ “love bombing” as a tactic where they begin a short but intense relationship. They will often profess their love or even propose marriage within a few weeks despite having never met in person. More nefarious, they may even try to distance their victim from those who love and care for them. They may ask for secrecy or start sowing seeds of discontent. Once this relationship is established, the scammer begins the next phase.

                The third phase of the scam is the exchange of money. There are two ways the scammer will extort the victim. This first way is by involving the victim in their own criminal activities. The scammer will ask the victim to deposit funds into their own account before sending on to other people or asking the victim to pick up and redeliver packages. This is usually linked to money laundering. Unfortunately, the victim is still liable for this crime, even if they participated unknowingly.

                The other way the scammer extorts the victim is by asking for money. Reasons and excuses vary from a sick family member, to being out of the country on an oil rig, to needing money to “come see” the victim in person. The scammer will ask for payment via gift card, cryptocurrency, payment app, or wire.

                Lastly, is the end of the scam. Some scammers will end the scam after the victim sends the first payment. However, other scammers will continue the scam until law enforcement gets involved or the victim refuses to or can’t send any more money. Most of the time any money sent to the scammer is lost.

                If you suspect someone is a victim of a romance scam, remember to approach the victim with compassion and not blame. Remind them to never send money to someone they have never met and to take new relationships slowly. Most importantly, remind them that you are there to help and offer support.

Sources:

https://www.ftc.gov/business-guidance/blog/2024/02/love-stinks-when-scammer-involved