Online Romance Scams: The Growing Epidemic and How to Protect Yourself from Costly Heartbreak
Monday, September 30, 2024. For LG.
Online romance scams have risen to staggering heights, with devastating emotional and financial consequences. As someone who deeply values trust and relationships, this topic hits close to home.
Bruce Harrison Jr., one of the founders of Malwarebytes, has been a neighbor and friend for many years.
Through his blog, I've come to understand just how significant this issue is—affecting folks across all demographics.
With romance scams becoming more sophisticated, it's more important than ever to raise awareness and equip ourselves with knowledge to protect against these insidious attacks.
Let's dive deep into this critical issue, understanding the data, and offering concrete ways to protect yourself and your loved ones.
The Rise of Romance Scams: A Costly Affair
Romance scams, also known as dating or confidence scams, involve fraudsters targeting vulnerable souls online.
These scammers build trust over months, enticing their victims to believe that they are in a committed relationship before springing the trap—requesting money, personal information, or convincing them to invest in fraudulent schemes.
The costs of these scams have reached unprecedented levels.
According to a recent Malwarebytes survey, over 66% of 850 respondents reported being targeted by a romance scam, and for 10% of those, the losses were severe, reaching $10,000 or more. Shockingly, 3% reported losses exceeding $100,000.
One of the newer, more dangerous methods being used is “pig butchering”—a scam where victims are lured into fraudulent cryptocurrency investments.
As if the heartbreak wasn’t enough, these scams target victims’ financial assets, leading to life-altering losses. And once the money is gone, recovery is nearly impossible, especially when cryptocurrency is involved. As David Ruiz, Senior Privacy Advocate at Malwarebytes, aptly states:
“Romance and dating scams are run by sophisticated cybercriminals who know what they’re doing. They conduct research, follow a playbook, and prey on emotions. The more we can remove the stigma surrounding victims and provide education, the faster we can minimize the devastating effects.”
Who's Being Targeted?
Scammers know their audience.
While older adults, particularly those over 55, continue to be a prime target (74% of victims), younger folks aren't immune. A surprising 26% of those impacted by romance scams are between 18 and 54.
According to the FTC, victims between 18–29 are frequently targeted for sextortion schemes, where they are coerced into sending compromising images or videos, only to be blackmailed later.
Interestingly, the Department of Homeland Security notes that recently widowed or divorced seniors are especially vulnerable, as they often possess significant assets but may not be as familiar with the intricacies of online scams.
This emotional and financial vulnerability is what scammers exploit with chilling precision.
How Do Scammers Reach Their Victims?
With social media and online dating apps being the primary points of contact, it's no wonder romance scams continue to grow.
Scammers create elaborate, fake profiles tailored to their victim’s preferences—sometimes even using AI to draft realistic emails, generate fake photos, or produce deepfake videos of celebrities endorsing fraudulent investment schemes.
According to FTC data, romance scams originating on social media have become the costliest, with victims losing billions.
Even as platforms implement stricter anti-scam measures, scammers remain persistent, often shifting tactics. Nearly 16% of those targeted were contacted via email, and another 10% received unsolicited texts.
For those unfamiliar with pig butchering, this type of scam frequently begins with a simple text message, leading victims down a rabbit hole of fraudulent investment opportunities.
The Emotional and Financial Impact
While nearly 75% of respondents in the Malwarebytes survey identified the scam immediately and did not engage, there remains a substantial number who spent weeks, months, or even years in fabricated relationships.
The emotional toll of these long-term scams is immense, leaving victims feeling isolated, ashamed, and betrayed.
The financial losses are even more staggering—10% lost $10,000 or more, and 22.5% lost over $1,000, with some victims being scammed out of their entire life savings.
It's important to acknowledge that the perpetrators of these scams aren't always the sole villains.
I was somewhat shocked to also learn that many romance scammers themselves are victims of human trafficking, forced to work long hours under brutal conditions to scam unsuspecting folks in order to meet unattainable financial quotas.
Be Well. Stay Kind, and Godspeed.