Category: Romance Scams

Valentine’s Day 2025 is just around the corner, and many men are likely busy picking out thoughtful gifts to impress their loved ones—some of which could cost a big fortune. For those who are in long-term relationships or happily married, the day holds a lot of significance, and all is well.

However, for those who’ve recently found love through dating or social media platforms, there are a few things you should keep in mind.

In today’s digital age, it’s not uncommon to meet someone online that you never actually meet in person. Many people stay connected through messages and video calls, but that’s where potential problems can arise. Some charming individuals may use their sweet words to manipulate their online partners into lending money to settle supposed debts or, worse, investing in fraudulent schemes like cryptocurrency scams.

Unfortunately, many of these so-called “partners” are nothing more than scammers, preying on vulnerable people and trying to exploit them emotionally or financially.

A report from Comparitech revealed that in 2024, nearly 59,000 Americans fell victim to such romance scams. The numbers are expected to rise by 10% in 2025, potentially leading to losses exceeding $830 million. The report highlighted that residents of Arizona were the most targeted, with California coming in second, with over 7,000 cases reported.

Further compounding this issue, the Internet Crime Complaints Center reported that cryptocurrency investors lost a staggering $215.8 million due to romance scammers convincing them to participate in complex, fake schemes, causing substantial digital currency losses.

Adding another layer of danger are new types of scams fueled by generative AI technology. Fraudsters can now easily create fake profiles of potential partners and manipulate their victims into asking friends and family for money via social media networks.

So, if your online love interest suddenly starts asking for financial assistance or encourages you to invest in risky schemes, be cautious. It’s likely a scam designed to exploit you. Protect yourself by severing all contact or, if in doubt, verifying their claims thoroughly before taking any action.

Stay safe and smart—trust your instincts.

The post Celebrate Valentine’s Day 2025 by steering clear of romance scams appeared first on Cybersecurity Insiders.

A report compiled by Barclays states that the amount of money lost in romance scams has reached an average of £10k in the UK in the last 6-8 months. This amount is what fraudsters earn on average, and the actual number might be much higher than what is estimated now.

The survey also revealed that one in three Britons have experienced a scam or know at least one or two people who have gone through this negative experience in the past year or so. Scammers are constantly developing new tactics to deceive victims, and the credit goes to their innovation.

The cost of living crisis, recession fears, and other factors have made it easier for criminals to coax victims into paying them a significant amount. Surprisingly, the study conducted by Barclays found that most victims are aged between 51 to 69, and they have either sent money from their savings or were relying on credit for their living expenses.

A similar survey conducted by NordVPN showed that almost one in four adults in the United States have been targeted by romance scams, and among them, nearly 29% lost between $400 to $2000 due to these criminals.

Security experts suggest that poor grammar in conversations, an early and eager mentality, a profile that seems too good to be true, and excuses for not meeting in person can be signs that the person might be trying to scam you for money.

Romance scams occur when an individual befriends you, wins your affection and trust quickly, and then starts asking, begging, or threatening you for money. Divorcees, widows/ers, those over 50, and women are potential targets for these scammers.

To avoid falling prey to such scams, it is important to stay focused during conversations, not assume the person is safe, get a second opinion from friends, take your time, never reveal too much information on dating sites, never send money, and always meet in person.

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Romance Scams on and after the Valentines Day 2023 are common. But can you imagine that the loss incurred through such scams is amounting to $5.9 billion? Moreover, the losses associated with the online romance scams occurring across the nation could be approximately $7 billion by 2025.

The Bureau’s Internet Crime Complaint Center (IC3) issued two separate statements on this note and asked the residents of Texas, Florida and New Mexico to be extra vigilant as the residents of the said regions were termed to be most vulnerable to such forms of online crimes.

Threat actors who are well versed with manipulating are seen taking up romance scams and these thieves are making merry with the Valentine’s day at the corner.

FBI is urging victims to stop feeling embarrassed and lodge complaints against romance scammers, as this is the only way to keep a track of the crime and curb it to a certain extent.

Simultaneously, creating awareness among the web users and warning them against such threat actors and scams is also being advised.

Non-Profit Better Business Bureau aka BBB also published a blog post on this note and asked technologists, politicians, CEOs and CTOs of companies and heads of government agencies to be aware of romance scams spread across many social media platforms.

In such stories, criminals pose with a profile picture of a beautiful woman dressed scantly and inviting men to meet and play with her.

Often such scams lead to siphoning of sensitive details leading to identity thefts, social engineering attacks and much more. And the trend becomes severe during valentines season.

Thus, all you, online users out there, especially the male folks who are in the age bracket of 29 to 49, you better be aware of the romance scams that make merry of this valentine’s day season.

 

The post Beware of Romance Scams on Valentines Day as it could reach $7 billion appeared first on Cybersecurity Insiders.