Fraud Alert: Online Dating Scams
Podcast Transcription
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Thank you all for tuning in to this episode of PFCU’s Money Talk Podcast. It’s nothing new that online dating has grown tremendously in the last couple of decades. It’s become the norm in the dating world with so many different app options and social media.
I thought this was interesting, a report from the Pew Research Center says that about half of those that have used dating sites and apps say they have come across someone they think was trying to scam them.
In fact, according to the Federal Trade Commission, in 2022, 70,000 Americans fell victim to online romance scams that cost $1.3 billion. I think these crazy numbers really just drive home the fact that these online romance scams are happening. And the information I’m going to share about them is provided by the KnowBe4 Security Team.
And I know what you might be thinking- “I would never fall for that.” And it’s easy to think that those falling victim to these scams are vulnerable for a multitude of reasons. Whether it's that they’re lonely, they’re elderly, or they just can’t find a date in-person. Although there are some factors that make someone more vulnerable to falling victim to a scam, the truth is, there are people from all ages, careers and stages of life that have fallen for these scams. Criminals are crafty, they can easily create believable fake profiles and take the time to build a relationship that reels you in.
So, let’s talk in greater detail about how this happens.
Yes, dating and romance fraud often happens through popular dating apps and sites, but, like I said before, scammers are also using social media. They’re creating fake profiles that are oftentimes very believable with fictional names, pictures, professions and even followers or friends. And of course, there’s always a reason that they can’t meet you in-person, even if they say they’re located near you, they’re probably working in another country. So the story goes.
These criminals go to great lengths to gain your trust. And even though they might tell you that they love you quickly or share really strong feelings about you quickly, I think we sometimes think that the scammers are not going to sink the time and energy into the scam. Especially if they feel like you are beginning to believe that they are a real person. So, if they talk to you for a long period of time, they give you gifts, it could lead us to believe that it's legitimate. However, scammers are willing to sink that time into scamming you to truly win you over and get what they want. They will use details from your life and social media profile, they will send you gifts, tell you they love you and make you feel like the most important person in the world.
Now, once they’ve gained your trust, they will start asking you for money, gifts, even your bank account details. Sometimes they might want to open a joint account with you so they have access to whatever money you put in there. Chances are they are going to claim that there is a personal emergency, or that they want to visit you but they don't have the funding to do so, and you know once you’re emotionally invested, these stories seem believable.
So, here are a few warning signs that you can look out for if you are looking for love online.
Number 1, they often develop strong feelings shortly after introduction or only after speaking a few times. And now I had mentioned this before, that they will sink the time into these scams especially if they feel like they can get you to believe them. And then once they win you over, they will continue to keep on scamming you to get what they want, as long as you stay hooked on that line.
Number 2, they quickly ask you to move the communication from the dating app or site that you're using to some sort of personal means of communication, such as texting or calling.
Warning sign number 3 is that their messages are poorly written or vague.
And number 4 is that their dating site or social media profile is not consistent with what they are telling you over your conversations with them.
Now, we want you to protect yourself, so, here’s how you can do that.
When meeting your potential love interests online, you should always assume the possibility of a scam. Be very cautious about sharing pictures, any personal information, especially with strangers. And never send money to someone when you have not met in person or share any banking information with them. The KnowBe4 Security Team shared this and I thought it was great advice- Emotional investment can cloud your judgement, remember to follow your head and not your heart when it comes to online dating.
You can visit ic3.gov which is the FBI's Internet Crime Complaint Center to report romance scams that you come across. If you have been victimized, stop all contact with the scammer immediately and get in contact your financial institution.
Thanks again to the KnowBe4 Security team, as always, they have great insight and information on scams and fraud that can affect anyone! Thanks for listening everyone.
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