Americans reportedly lost nearly $1.179 billion in romance scams in 2023, according to the Federal Trade Commission.
The number of romance scam reports received in 2023 – 64,003 – is smaller than the 474,731 reports received about business imposters or the 228,282 about government imposters.
The total reported losses to romance scams total $1.14 billion, with median losses per person of $2,000 – the highest reported losses for any form of imposter scam.
That suggests that when romance scammers have their hooks in a person, the financial consequences can be devastating.
Reported losses were only $751 million as the result of scams involving business imposters or $618 million in government imposter schemes.
Romance scammers prey on innocent people with intent that’s decidedly unromantic. And they all rely on one simple gambit: Winning your trust. The best way to thwart love scammers is to be clear-eyed about the ways they steal your heart, and your wallet.
Make sure your dreamboat isn’t a nightmare waiting to happen
To win your trust, scammers press every emotional lever, preying on loneliness and our shared need for
companionship. Here’s a quick review of their favorite strategies:
The desperate “friend”: Scammers often pose as a trusted romantic interest or family member, claiming to be in trouble and in need of an emergency wire transfer. Scenarios include medical emergencies, car accidents, and muggings. Always take time to collect your thoughts and confirm the identity of that person in need.
Love at first “like”: Scammers like to strike just days or hours after getting a response, showering you with attention before you’ve had a chance to verify their identity, or even collect your thoughts.
No time to spare!: Often, your scammer will up the urgency to manipulate you into sending cash.
Catfishing: Watch out for fake online profiles that often use real photos on social media or dating apps and websites.
In love, but never in person: Romance frauds will always wiggle out of meeting in-person. They have to! Common excuses include working overseas, serving in the military, sailing as a merchant marine, and more.