Online Romance Scams Soared in 2021

(February 11, 2022) Maybe it’s due to pandemic isolation or just people looking for love in all the wrong places, but online romance scams skyrocketed in 2021, the Federal Trade Commission reported.

In an FTC Data Spotlight just in time for Valentine’s Day, the agency said online scammers bilked consumers for over $547 million in 2021 in “romance scams,” which is more than any other FTC fraud category. By comparison, in 2017 the dollar loss from romance scams was $87 million. Over 56,000 consumers reported the fraud to the FTC in 2021, up from 17,000 in 2017. The median individual reported loss in 2021 was $2,400.

More than a third of those losing money reported the contact began on Facebook or Instagram. Other contacts are made via dating apps or through unexpected private messages on social media platforms.

The FTC said scammers use fake online profiles with attractive photos and sometimes assume the identities of real people. They create stories to con people, such as needing help to get inheritance money or financial assistance for a health crisis, sick children, or a temporary inability to get access to their money. The scammers also get victims to invest in bogus investments, especially cryptocurrency.

Often the victims send money repeatedly. One in four victims paid using gift cards. Cryptocurrency payments to scammers totaled $139 million in 2021, and the average cryptocurrency payment was $9,770.

The FTC offered these tips to help spot scammers:

• No legitimate person or business will ask you to help by sending cryptocurrency, giving the number on a gift card, or wiring money.
• Never send or forward money for someone you haven’t met in person, and don’t act on their investment advice.
• Talk to friends or family about a new love interest and pay attention if they’re concerned.
• Try a reverse-image search on profile pictures. If the details don’t match, it is probably a scam.

Suspicious profiles or messages should be reported to the dating app or social media platform and to the FTC at ReportFraud.ftc.gov.