Jon Clay, Vice President of Intelligence at Trend Micro, explains the major red flags associated with romantic fraud.
While St. Valentine’s Day is a time for love, it’s also a prime opportunity for fraudsters to prey on unsuspecting romantics. In 2023 alone, romantic scams cost Americans approximately $1.14 billion. Whether you’re seeking love or a new connection, it’s crucial to stay vigilant this Valentine’s Day. Scammers have become increasingly sophisticated, but with the right knowledge, you can protect yourself and your finances from heartbreak.
Common Types of Romantic Scams to Watch Out For
Romantic fraud takes many forms, but the goal remains the same: to manipulate you into sending money or disclosing personal information. Here are some of the most common schemes to be aware of:
Romantic fraud cost Americans approximately $1.14 billion in 2023.(iStock/Getty Images)
Long-Distance Lover Scam: This often begins on dating apps or social media. Scammers pose as someone looking for love but claim to work abroad (e.g., as a soldier, doctor, or entrepreneur). They spend weeks or even months building a relationship before suddenly requesting money for an emergency, a flight home, or a business investment.
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Fake Profiles: Scammers frequently steal photos from real people to create fake profiles, particularly on platforms like Facebook, which cater to an older audience. If a profile seems too good to be true, it likely is. Perform a reverse image search to verify if the photos have been stolen.
Gift Card Scams: Instead of asking for cash, some scammers demand gift cards as payment. They may claim to need them for medical bills, phone bills, or even to prove your love. Once you send the gift cards, the money is gone forever.
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Cryptocurrency Scams: With the rise of Bitcoin, more scammers are convincing victims to “invest” in cryptocurrency. They may claim to have earned thousands and want to help you do the same. Once you send money, it’s gone for good. Some scammers may even ask for cryptocurrency transfers instead of cash or gift cards.
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Sextortion Scams: Be cautious if someone you meet online pressures you to send explicit photos or videos. Scammers use these images to blackmail victims, demanding money in exchange for keeping the content private. Once these photos are online, they’re nearly impossible to remove.
How to Protect Yourself from Romantic Scams
Now that you know the red flags, here’s how to safeguard yourself and your finances from these heartless criminals.
Ted Rossman from CreditCards.com shares tips on avoiding gift card scams.
Be Skeptical of Online Strangers: If someone comes on too strong or declares their love too quickly, it’s a red flag. Scammers often profess love within days or weeks, even without meeting you in person. Genuine relationships take time, and no legitimate love interest will pressure you for money.
Verify Their Identity: Before investing emotionally, do your research. Use Google’s reverse image search to check if their profile photo appears elsewhere. If their social media accounts are new, have few friends, or lack personal posts, it’s a warning sign. A missing LinkedIn profile or inability to verify their identity should prompt you to cut ties immediately.
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Never Send Money to Someone You Haven’t Met: This is the golden rule. No matter how convincing their story, never send money, gift cards, or cryptocurrency to someone you’ve only interacted with online. Scammers rely on emotional manipulation to open your wallet. If they ask for money, walk away.
Love should never come with a price tag, and the right person will never ask you to pay for their affection. (Reuters/Jaime Saldarriaga)
Watch Out for Excuses to Avoid Meeting: Scammers always have excuses for why they can’t meet in person. Whether it’s an overseas job, a sudden business trip, or a family emergency, they’ll dodge any attempt at a face-to-face meeting. Constant unavailability is a major red flag.
Report the Scam: If you suspect you’ve encountered a romantic scam, report it to the Federal Trade Commission (FTC) at reportfraud.ftc.gov. You can also alert the dating site or social media platform where you met the scammer to help prevent others from being targeted.
Valentine’s Day is a Time for Love
Finding love online isn’t impossible, but it requires a healthy dose of skepticism—especially around Valentine’s Day, when scammers are most active. Trust your instincts, protect your personal and financial information, and never send money to someone you haven’t met in real life. Love should never come with a price tag, and the right person will never ask you to pay for their affection.
Stay safe, stay smart, and enjoy a heartbreak-free Valentine’s Day!
