Romance scammers' favorite lies cost victims $1.3B last year

guest · Feb 10, 2023

By Jessica Lyons Hardcastle - February 10, 2023

Romance scams cost victims at least $1.3 billion in 2022, according to the US Federal Trade Commission's latest numbers. Almost 70,000 people reported these crimes last year, and the median reported loss was $4,400.
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The most common lie that scammers told their marks is that they, or someone close to them, is sick, hurt or in jail, according to more than 8,000 romance scams reported to the FTC that cost consumers' money. This line accounted for almost a quarter (24 percent) of all the theft.

Meanwhile, "I can teach you how to invest" and "I'm in the military far away" along with "I need help with an important delivery" all tied for second place, with 18 percent.
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Number one payment method in romance scams: crypto
Pig butchering is a newish twist on romance scams, in which fraudsters build a relationship with their victims and then con them into transferring money into accounts controlled by the crooks. In these cases, however, the fraudsters convince their marks to "invest" in cryptocurrency using phony websites. Once a victim transfers money to the crooks, the latter abscond and disappear. The money is never seen again.
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One more reason not to send that NSFW pic
That last point above highlights the growing trend of sextortion scams, according to the FTC. Once you've shared NSFW photos, the scammer then threatens to send them to all of your social media contacts unless you pay up.
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While romance scammers frequently use dating apps to target victims, crooks favor private messages on social media platforms to spark a love match. According to the FTC, 40 percent of victims who lost money in 2022 said the scam started on social media, compared to 19 percent who cited a dating website or app.
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FTC: Romance scammers’ favorite lies exposed

By Emma Fletcher - February 9, 2023
These scammers pay close attention to the information you share, and don’t miss a beat becoming your perfect match. You like a thing, so that’s their thing, too. You’re looking to settle down. They’re ready too. But there is one exception – you want to meet in real life, and they can’t.

Reports show their excuse is often baked right into their fake identity. Claiming to be on a faraway military base is the most popular excuse, but “offshore oil rig worker” is another common (and fake) occupation. In short, there’s no end to the lies romance scammers will tell to get your money.
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Romance scammers' favorite lies cost victims $1.3B last year

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Romance scammers' favorite lies cost victims $1.3B last year

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