Beware of romance scams!

Social media, dating apps and websites can allow us to build genuine romantic relationships and friendships. However, an increasing number of ill-intentioned individuals are using these platforms for malicious purposes and extracting money from their chosen victims.

1. How do romance scams work?

A fraudster creates a fake profile on the platform in question and then chooses their next victim. Contrary to popular belief, older people are not the only targets! The scammer’s initial conversations are quite innocuous. However, they slowly create an emotional bond with their target and eventually earn their unwavering trust.

The fraudster then leverages this relationship to manipulate the individual and extract money.

2. What warning signs should you look out for?

Identifying a romance scam can be difficult initially. However, a combination of red flags may alert you to the problem over time. Here are just a few.

• The relationship is moving too fast. First, bear in mind that fraudsters can be any gender. You met your wannabe suitor online only a few days or weeks ago, but they’ve already declared their love. However, you haven’t met in person. Your communication has been exclusively online. You’ve sent and received messages on a platform or messaging app, but you’ve never seen each other.
• The fraudster comes up with all kinds of excuses to avoid meeting in person. They always have an excuse for avoiding a face-to-face meeting. This may include distance, working abroad and family matters. Scammers often change their plans and then promise to do all they can to make it up to you.
• They frequently ask you for money for emergencies. Money quickly becomes a topic of discussion and it comes up often. They ask you for money for all sorts of situations such as medical emergencies, a trip to meet you in person, a vacation together or a supposedly profitable investment (in cryptocurrency in particular).
• They ask you to send them money and propose several payment options. This may include a standard bank transfer, payments using gift cards or sending cryptocurrency using an external link. The fraudster may also suggest transferring funds to someone who is allegedly in their entourage (sister, father, lawyer, etc.). Naturally, the scammer will provide very precise instructions for making these payments! This is because they’re interested in your money and not your feelings!
• Their profile looks suspicious. In addition to sometimes strange or incoherent details regarding their life, their photos look too perfect and impersonal. See below for tips on how to spot fake profiles by verifying the origin of photos, for example.
• They use psychological pressure tactics. In order to manipulate you, they try to make you feel guilty for not helping them. They may even use a threatening tone if you’re not prepared to send them money.

3. How can you avoid a romance scam?

• Whatever the reason, never send money. This is Rule No. 1!
• Never share your personal information. Never provide your passwords or banking and credit card information, for example.
• Research your potential fraudster. Search for their name online and check for any related information. An online reverse image search may also reveal the origin of their profile photo.
• Take a closer look at their social media accounts. Do they have very few friends? Was their profile created recently? Do few people interact with them? These are all warning signs.
• Talk to a loved one or seek external advice. Don’t make any hasty decisions. Tell a good friend about this person and ask for their advice.

In a nutshell, anyone can become a victim of a romance scam. Fraudsters are highly experienced in playing with emotions in order to get rich.

If you’ve experienced significant financial losses, contact one of our Licensed Insolvency Trustees as soon as possible. They can help you find a solution to your debts.