The Hidden Risks Behind Romance Scams

When to Be Suspicious of Your New Sweetheart.

Love is often called blind, but when it comes to online romance, it can also be costly. Every year, countless people fall victim to romance scams, where fraudsters masquerade as soulmates to steal not only hearts but also hard-earned savings. The price of trusting the wrong person can be devastating emotionally and financially. Before you let your guard down with a new online sweetheart, knowing the warning signs is important.

What Exactly Is a Romance Scam?

Romance scams occur when you connect or match with someone on social media or a dating app, and the other person is pretending to be someone they are not. This may also be called catfishing. These attacks will be well-planned. Scammers will search your social media accounts to gather any information that may assist in establishing a connection with you. Romance scammers are bold and quick to express their emotions. You may get a text or phone call with phrases such as the following to create a sense of connection.

• This is true love

• You are the love of my life

• Our bond is unbreakable

“With most fraud, the old saying, ‘If it’s too good to be true, it is,’ is a good guideline,” says Tally Rasmussen, Frandsen Bank & Trust fraud manager. “Be wary of anyone moving more quickly to profess their love, especially if you’ve never met face-to-face.”

A Request for Money

It is safe to claim that 100 percent of the time, romance scammers are out to exploit you financially. They will request funds for various reasons, and the scammer will ditch at the last minute with an excuse but will keep the money. Here are five excuses you may hear in this scam:

1. They need money to take care of a sick family member.

2. The scammer may claim they are injured and need assistance with food or medical bills until they recover.

3. The scammer or a "friend/family" member has been wrongfully jailed, and they need help posting bail.

4. You have requested to see this person many times, but the scammer doesn't have enough money to travel.

5. Scammers will decline video calls, claiming they can’t afford a phone or internet bill.

How to Respond to Red Flags

Romance scammers will always have an excuse for never meeting in person or via video call. Their scam relies on deception by hiding their identity, and scammers will attempt anything to distract you from realizing the truth. If you have heard any of the excuses above, halt all communication immediately. Here are some additional ways to protect yourself and others.

Do Your Own Research

Take a screenshot of their profile photo and conduct a reverse image search. Scammers are often a top search result on search engines, and you will see duplicates as they take images from someone else’s social media account. You can search the individual's name, followed by the keyword scam. This can possibly indicate if other online users have reported similar issues with the account.

Lock Down Your Accounts

If you’ve already shared funds or financial information, contact your local Frandsen Bank & Trust immediately. Be prepared to share how much of your banking information, such as account numbers, debit cards, credit cards, or any account access, has been compromised during this scam.

Block and Report

When you conclude that you are dealing with a scammer, use social media or phone tools to report and block the fake profile. In addition, a report should be filed with the Federal Trade Commission (FTC). ReportFraud.ftc.gov

Protect Your Heart and Your Wallet

Romance scams are a painful reminder that not everyone online has good intentions. While it’s natural to want to trust and connect with others, staying cautious and protecting yourself is equally important. You can safeguard your emotions and savings by recognizing the warning signs, staying vigilant, and seeking advice from trusted sources. Remember, a real relationship is built on honesty and trust, not urgent requests for money. Listen to your instincts and seek help if something doesn't feel right. At Frandsen Bank & Trust, we’re here to provide guidance and support to keep your money safe and secure.