Protect Yourself Against Romance Scams

Everyone craves genuine relationships; it’s part of what makes us human. Unfortunately, scammers know this all too well. And increasingly, scammers are using online dating platforms and social media to swindle people out of large sums of money. American consumers lost $1.14 billion to romance scams in 2023, with median losses per person of $2,000. Knowing the warning signs associated with these scams can help you protect yourself and your loved ones.

What is a Romance Scam?

A romance scam is a type of impostor scam. Using a fake profile on an online dating or social media platform, the scammer will work to gain the victim’s trust and form an emotional connection with them, then request money. Scammers target men and women of all ages, but they especially target older Americans who are recently widowed or divorced. These seniors often have more financial assets and are less familiar with online scams.

Know the Warning Signs

Be mindful of these common indicators of romance scams:

• Claims to be overseas: Many scammers say they live or work abroad, providing an easy excuse to not meet in person. This also makes it more plausible when they ask for help paying unexpected legal or medical fees.
• Promises to meet soon: Although they will claim to live abroad, scammers will almost always express a desire to meet in person. But these plans will always fall through for various reasons.
• Requests to move the conversation off the dating or social platform: Scammers often meet their victims on public platforms but quickly try to move the conversation to text or communication apps like WhatsApp. This helps them avoid scam detection programming that is built into dating apps.
• Requests money or sensitive information: These scammers’ ultimate goal is to steal money from their victims. They may claim they need money to cover legal fees or medical emergencies, or that they need help paying a transfer fee so that they can send you an even larger sum of money.

Stay Safe Online

Always exercise caution when communicating with people online. Never send money or sensitive information to someone you’ve never met in person. If you suspect you’re being targeted by a scammer, stop all communication with them and contact SharePoint Credit Union immediately. We can be reached at (952) 930-0700 or by emailing memberservices@sharepointcu.com.

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