Affairs of the Heart: Protecting Yourself Against Romance Scams

Romance scams are at all-time high.

“Of all fraud types by total dollars, more is lost in romance scams,” said Avi Panth, an assistant United States attorney with the Eastern District of Virginia during an online presentation that explored the exploitation of older people with an emphasis on romance scams.

The actual cost of romance scams is unknown because many are not reported, Panth said.

The underreporting stems from shame and embarrassment of the victim because they did not see the red flags that pointed to a potential scam.

Isolation and loneliness are possible contributing factors as well as social engineering. Social engineering is when the scammer mines online sites like Facebook to get information that they can use without the victim realizing it.

Older people are targets for potential frauds because of the growing number of Americans turning 65 every day, Panth said. Fraudsters also assume that older people have more money than younger workers.

Older people are usually at home more and tend to be less tech savvy. Panth said some medical conditions make some people more vulnerable to cybercrimes because they might not think as clearly about things as they once did. He suggested that people develop a heavy dose of skepticism when encountering affairs of the heart. Ask questions of the potential love interest and talk with family members and friends about the budding relationship.

Panth commended AARP for the great work that is being done in the area of fraud. It is essential to know potential red flags that are associated with fraud of any kind, but since romance scams are on the rise, these red flags include:

· The online identity is not the person they claim to be.

· An effort is made to build confidence and trust in the budding relationship.

· The scammer is “in love” way too quickly, pressures the love interest to give them money in various ways—gift card, cryptocurrency, etc.

To remedy this, when in an online relationship, be careful about what you share online and research the person that you are conversing with, Panth advised.

There are online search tools to assist with researching and finding the truth about the person you are talking to. Panth suggested that people take time with the relationship and ask plenty of questions.

Panth warned that when a potential romantic interest requests that you leave the online site to meet in another way--coupled with the request not to tell anyone about the relationship--that is a red flag. Knowing these red flags, can prevent fraudsters from stealing your identity and your money.

Skepticism is a necessary ingredient in avoiding potential schemes and scams, Panth said. Fraudsters often rush the relationship and pressure the victim to not think through all that is happening. Learning to take your time becomes your best friend when starting an online relation.

Time helps you to process and see potential things that are off about the online relationship.

Panth shared a short video of Kate Kleinert, a scam survivor, who shared her story of emotional pain and financial loss at the hands of a scammer. (See video at https://www.aarp.org/money/scams-fraud/romance/) She chose to use her pain to help others avoid the pitfalls of online romance scams.

If you or someone you know has been a victim of any scams, contact the local and state authorities. You can report it to www.ic3.gov which allows professionals to see trends in the types of frauds that take place.

For help from AARP, call 877-908-3360 or visit the AARP Fraud Watch Network at www.aarp.org/fraudwatchnetwork.

Resources:

AARP resources

https://www.aarp.org/money/scams-fraud/

AARP Fraud Watch Network Helpline: 877-908-3360

National Elder Fraud Hotline: 833 – FRAUD – 11 (833 – 372 -8311)