Romance Scam Alert

Valentine’s Day and the Rise of Romance Scams 

Valentine’s Day is approaching soon, and with that comes the rise of romance scams. Victims often believe they are falling in love; in reality, they are falling victim to a scam that could cause irreparable financial damage.  

The FBI defines a romance scam as a scam where “a criminal uses a fake online identity to gain a victim's affection and trust. The scammer then uses the illusion of a romantic or close relationship to manipulate and/or steal from the victim.”  

Romance scam artists target victims of varying age, background, and gender—no one is immune from this type of scam. In order to protect yourself and loved ones from romance scammers, it’s important to know the different types of romance scams and how to protect yourself from them. 

Common Romance Scams 

Common romance scams may include the following:  

• Simple Romance Scam: A scammer asks for money to assist with alleged financial hardship after gaining the victim’s affection and trust. The victim is often prompted to send money through methods such as wire transfer, online gift cards, or payment apps to the scammer.   

• “Money Mule” Scam: Criminals may recruit victims to become “money mules.” The victim is directed to receive funds in the form of a cashier’s check, money order, or wire transfer. The scammers claim they are unable to receive the funds directly, so they ask the victim to redirect the funds to them. In this type of scam, victims risk losing money and may incur other expenses, such as bank fees and penalties. In some cases, they may face prosecution as a “money mule”.  

• Cryptocurrency Fraud: Scammers use romantic advances to lure victims into fraudulent cryptocurrency investments. 

• Verification Scams: Scammers ask victims to take their conversation off dating apps and onto a different, “more secure” website or app. They will send the victim a verification link, where the victim enters personal information such as phone number, email, and credit card, which allows the scammer to gain access to their personal information. 

Protecting Yourself from Romance Scams 

Although scammers in these types of situations often seem genuine and convincing, it is important to look out for potential red flags and take measures to protect yourself, your information, and your finances.  

Common red flags include the individual avoiding meeting in person, asking for money or personal information, requesting inappropriate photos or financial information that could be used to extort you or a loved one, and attempting to isolate you from friends and family. 

• To protect yourself from romance scams, the FBI urges the public to:  

• Be careful of what you post and make public online. Scammers can use even the simplest details (like your name, location, and age) shared on social media and dating sites to better understand and target you.  

• Research the person’s photo and profile using online searches to see if the image, name, or details have been used elsewhere. 

• Go slowly and ask lots of questions.  

• Never send money to anyone you do not personally know or have only communicated with online or by phone. 

Five Star Can Help Identify Romance Scams 

Five Star Credit Union is dedicated to ensuring our members and their loved ones remain safe and educated about fraud and romance scams. If you are ever asked to send money, financial information, or other personal information to someone you do not know, our team of financial advocates is here to help you identify and report fraud.