Romance scams are on the rise, with cybercriminals preying on individuals’ emotions to gain access to their wealth accounts. These scams involve building a relationship with the victim, often over social media platforms, and manipulating their emotions to the point where the victim willingly provides access to their accounts or transfers money to the criminal. According to Tracy Kitten, director of fraud and security at Javelin Strategy & Research, consumers lost $1.14 billion to romance scams in 2023, with median losses per person amounting to $2,000 – the highest reported losses for any form of imposter scam.
Theresa Payton, former White House chief information officer and CEO of cybersecurity firm Fortalice Solutions, emphasized that romance scammers are skilled in human behavior. They are able to identify and exploit emotional trigger points in their victims, establishing trust and manipulating them into providing access to financial resources. The criminals create a facade of being someone they’re not, and over time, build a relationship with the victim based on trust.
Warning Signs of Romance Scams
There are several warning signs that indicate a potential romance scam. According to Payton, requests for money are a major red flag. Other signs include unsolicited text messages, conversations that seem too good to be true, refusal to meet in person, attempts to isolate the victim from friends and family, and pressure tactics to maintain the relationship and solicit financial information.
To protect oneself from falling victim to a romance scam, it’s important to vet the new contact thoroughly. Reverse searching images, being mindful of privacy settings on social media, asking detailed questions about the person’s background, avoiding financial transactions, and meeting in public places can help in detecting potential scammers. If the situation seems suspicious, it’s crucial to report it to the online platform being used and to the Federal Trade Commission (FTC) at ReportFraud.ftc.gov.
Educating and Supporting Victims
Financial advisors play a key role in educating their clients about cybercrime, including the tactics used in romance scams. By raising awareness about the signs of a potential scam and providing guidance on vetting new contacts, advisors can help their clients avoid falling prey to cybercriminals. Victims of romance scams can seek support and counseling through resources like The Cybercrime Support Network, which offers recovery groups led by licensed counselors.
Romance scams pose a significant threat to individuals’ emotional well-being and financial security. By understanding the psychology behind these scams, being vigilant for warning signs, and seeking support and guidance when needed, individuals can protect themselves from falling victim to cybercriminals seeking to exploit their emotions and financial resources.
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