Have you ever received a message from a stranger on social media or a dating app that seemed too good to be true? They might claim to be an old classmate or a potential romantic match. At first, they appear charming and genuine, engaging in frequent conversations over weeks or even months via email or phone. But then, things take a turn—they ask for money, citing a medical emergency, travel expenses, a lost passport, or a frozen bank account. They pressure you to act quickly, yet they always have an excuse for why they can’t meet in person. They may even use emotional manipulation tactics like fake jealousy or guilt-tripping to keep you engaged.
This is the classic setup of a romance scam—a growing and dangerous form of fraud that preys on emotions. Victims often lose hundreds or even thousands of dollars, believing they are helping someone they deeply care about—only to later realize they were deceived.
How Romance Scammers Operate
Romance scams often begin on:
- Dating sites – A “perfect match” appears, showering you with attention and quickly moving the conversation off the platform to email or private messaging.
- Social media – More than one-third of reported romance scams in 2021 originated on Facebook or Instagram (FTC).
- Email or text messages – Scammers may reach out directly, claiming to have found your profile or contact information online.
Scammers often use stolen photos of attractive individuals to build trust. Many pose as professionals working overseas, military personnel on deployment, or business travelers, making it difficult to meet in person.
Who Is at Risk?
While romance scams disproportionately affect individuals over 55 years old (52%), younger demographics are not immune—11% of victims are between 18 and 44. Men and women alike are targeted, with 40% of victims being female.
The Growing Threat and Financial Impact
Romance scams continue to rise in 2024, causing both emotional and financial devastation. Scammers often request payments through:
- Bank ACH payments or wire transfers
- Money Transfer Operators (MTOs) – Non-bank financial institutions such as Western Union and MoneyGram, which process fast, irreversible transactions.
- CashApp, Venmo, or Zelle payments
- Gift cards – Scammers frequently ask for Amazon, iTunes, or Google Play gift cards.
A September 2024 Malwarebytes survey found that:
- 66% of respondents had been targeted by a romance scam.
- 10% of victims lost more than $10,000.
- 3% reported losses exceeding $100,000.
- 94% of those who lost money were unable to recover it.
These scams can last for months, deepening emotional ties before financial exploitation begins. In fact, 12% of victims engaged with scammers for months, with 5% maintaining contact for over a year before realizing they had been deceived.
Crackdown on Romance Scams
Law enforcement agencies worldwide are taking action. Operation First Light 2024, an international effort conducted between May and June 2024, resulted in:
- Nearly 4,000 arrests related to various online scams, including romance fraud.
- The seizure of $257 million in illicit assets.
Despite these efforts, scammers continue to evolve their tactics, making awareness and vigilance your best defense.
How to Protect Yourself from Romance Scams
- Never send money to someone you have only met online, regardless of how convincing their story may be.
- Be cautious if someone refuses to meet in person or video chat, making excuses about travel or work obligations.
- Avoid cryptocurrency requests—scammers increasingly demand payments via cryptocurrency ATMs or QR codes.
- Verify all requests for financial help—if a supposed love interest asks for money, seek advice from a trusted friend or family member before taking action.
- Stay alert to impersonation scams—if you receive a call from someone claiming to be a representative from Core Bank, law enforcement, or a legal office asking for cryptocurrency or personal details, hang up and contact the official institution directly.
Final Thoughts
Romance scams are emotionally manipulative and financially devastating, but knowledge is power. By recognizing the warning signs and staying cautious in online relationships, you can protect yourself and your loved ones from falling victim to these scams.
If you suspect a romance scam, report it to the Federal Trade Commission (FTC) and your financial institution immediately. Additional resources for victims include:
- FBI’s Internet Crime Complaint Center (IC3) – www.ic3.gov
- AARP Fraud Watch Network (for older adults) – www.aarp.org/money/scams-fraud
- Federal Trade Commission (FTC) – ReportFraud.ftc.gov
- Local Law Enforcement – Victims should also file a police report, as banks may require documentation.
Stay safe, stay informed, and always verify before you trust. If you suspect you are the victim of fraud or have been scammed, notify Core Bank as soon as possible by visiting one of our branches or calling our Virtual Center at 402-333-9100 or 1-877-968-7672.
