On Valentine’s Day we celebrate love. But did you know that Americans report losing more money from romance scams than any other fraud type? And while romance scams affect every age group, older adults aged 70 and older reported the highest median dollar loss from romance scams.
To avoid online romance scams, here are some tips to share:
- Never send money or gifts to someone you haven’t met in person – even if they send you money first.
- Don’t share personal information – like bank account or credit card numbers, or your Social Security number – with a new love connection.
- Talk to someone you trust about your new love interest. It’s easy to miss things that don’t add up. Pay attention to concerns from your friends or family.
- Try a reverse-image search of any pictures they share. If the photos are associated with another name or with details that don’t match up, it’s probably a scam.
Read this romance scam survivor’s story to better understand how these scams play out.
Want to learn more? Read our blog on romance scams, share our romance scams handout, and check out our updated Money Smart for Older Adults, which includes a new section on romance scams.
Thank you,
Consumer Financial Protection Bureau
Source: Financial Planning for Women