Nobody legit will ever ask you to help-or insist that you invest- by sending cryptocurrency, giving the numbers on a gift card, or by wiring money.So how can you spot a romance scammer in the act? While not the costliest payment method, gift cards were the most frequently reported – 24% of people who reported losing money to a romance scam in 2022 said it was taken using gift cards. People reported sending more money to romance scammers using cryptocurrency and bank wires than any other method: together, they accounted for more than 60% of reported losses to romance scams in 2022. The way romance scammers take your money is another important piece of the story. About 58% of 2022 sextortion reports identified social media as the contact method, with Instagram and Snapchat topping the list. People aged 18-29 were over six times as likely to report sextortion than people 30 and over. Reports also show that scammers who convince you to share explicit photos will then threaten to share them with your social media contacts. It’s called sextortion, and these reports have increased more than eightfold since 2019. You send the money, and the package never turns up. In another twist, they might say they’ve shipped you a valuable package (not true), which requires you to send money for “customs” or some other made-up fee. But any money you “invest” goes straight into their wallet. But did you know that many romance scammers operate by offering to do you a favor? They may claim to be a successful cryptocurrency investor who’ll teach you how it’s done. You may have heard about romance scammers who tell you they’re sick, hurt, or in jail – or give you another fake reason to send them money. Many people reported that the scammer then quickly moved the sweet talk to WhatsApp, Google Chat, or Telegram. In fact, 40% of people who said they lost money to a romance scam last year said the contact started on social media 19% said it started on a website or app. But reports of romance scams that start with unexpected private messages on social media platforms are even more common. Reports show romance scammers often use dating apps to target people looking for love. In short, there’s no end to the lies romance scammers will tell to get your money. Claiming to be on a faraway military base is the most popular excuse, but “offshore oil rig worker” is another common (and fake) occupation. Reports show their excuse is often baked right into their fake identity. But there is one exception – you want to meet in real life, and they can’t. You like a thing, so that’s their thing, too. These scammers pay close attention to the information you share, and don’t miss a beat becoming your perfect match. In 2022, nearly 70,000 people reported a romance scam, and reported losses hit a staggering $1.3 billion. Last year’s romance scam numbers looked a lot like 2021 all over again, and it’s not a pretty picture. Romance scammers tell all sorts of lies to steal your heart and money, and reports to the FTC show those lies are working. About the FTC Show/hide About the FTC menu items.News and Events Show/hide News and Events menu items.
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