If Valentine’s Day has you eager to find someone special, be mindful of scammers who prey on those looking for love at this time of year. Some con artists get on dating sites to build trust with victims before fabricating urgent financial needs. Common stories may involve a request for money to help pay for a plane ticket or for a surgery suddenly needed by a family member. Always be cautious; never send money to someone you haven’t met in person.
In recent years, romance investment scams, too, have been on the rise. With these schemes, the scammer builds a romantic connection with a victim online, then uses that trust to persuade the victim to invest in a fake or nonexistent investment opportunity. These investment schemes often involve high-risk or complex financial products, such as cryptocurrency, and the promise of large returns.
Such scammers first work to create a strong emotional bond with victims through online communication, often portraying themselves as successful, wealthy and interested in a victim’s life. Once trust has been established, scammers introduce the investment opportunity. They may claim inside knowledge or exclusive access to a lucrative market. They may fabricate account statements, screenshots and/or testimonials to convince victims that the investment is profitable. And they often pressure their victims to invest immediately, citing time-sensitive deals or potential losses if they don’t act fast.
Once victims invest a significant amount of money, scammers often become unresponsive, disappearing with the money and, in some cases, even blocking communication channels. Victims are left broken-hearted – and without their investment money.
Victims of romance scams don’t fit a pattern; they may be male or female, young or old. The common denominator is that scammers prey on victims’ belief in love.
Here are some ways to avoid these types of scams:
- Research people you meet online; do not rely solely on what they tell you. Conduct internet searches, including reverse-image searches, and check with independent sources to verify a person’s claims. To do a reverse-image search, copy and paste the picture of the person you have been corresponding with into a search engine to see whether it is used on multiple accounts.
- Be cautious of “love bombing,” which occurs when a new love interest showers you with affection and compliments. Be cautious of individuals who claim that destiny or fate brought you together or claim to love you after a short time.
- Be especially wary if you have just lost a loved one; many times, scammers study obituaries to find people who have recently suffered a loss.
- Talk to family members and friends about online relationships, even if the other person asks you to keep the relationship secret.
- Don’t send money to someone you have met only online, even if you have developed a relationship with the individual.
- Be very skeptical of requests for money to be sent via wire transfer, cryptocurrency, peer-to-peer payment systems (Venmo, Zelle, etc.), money order, prepaid money cards or gift cards. These are preferred payment methods for scammers.
If you suspect a scam or an unfair business practice, contact the Attorney General's Office at www.OhioProtects.org or 800-282-0515.