How to Protect Your Money From Common Dating Scams

Falling in love with a con artist not only left a trail of broken hearts, but it also cost victims nearly $1.2 billion in 2023, which averages to $2,000 loss per person, according to the Federal Trade Commission (FTC). Globally, $3.8 billion was lost to romance scams, according to a 2024 Nasdaq report. 

What is a romance scam? 

A romance or dating scam targets your information, funds, or valuables through misrepresentation online (this is also known as catfishing).

It can be exciting to meet someone who you feel a connection with, especially when the individual seems extremely interested in knowing everything about you. A scammer utilizes a variety of schemes to gain your trust as quicky as possible by spinning stories that resonate or take advantage of your feelings to convince you to give them money.

Communication may pick up, and the relationship may move fast – soon they want to call, email, or text you off the dating or social media platform, and then suddenly, they confess their love for you.

Next, they’ll come up with creative ways to encourage you to send them money. For instance, they may tell you that they want to see you in person, but they live far away. So they may ask you to send money to help them buy air tickets. Another common scenario: They need to have an emergency surgery, but they don’t have the funds to pay.

Before letting a scheming sweetheart sweep you off your feet, pay attention to these four red flags. Knowing what to watch out for may save you from walking into a financial trap.

1. Their story doesn’t add up

Scammers may seem to be smooth talkers, they take a keen interest in your life, asking many personal questions but avoiding answering personal questions about themselves. They may even try to divert your attention to something else.

If scammers do share aspects of their life, it may be fabricated or exaggerated - the information may even belong to another individual online. The stories they tell you generally don’t add up. For example, they may say they have a university degree, but they have poor spelling and grammar. Or they may claim to be a commercial pilot, but they don’t know which city the O’Hare International Airport is located. They may even become agitated if you start asking questions.

2.  You’re never able to meet them in person

There’s always something preventing your romantic interest from meeting you, whether it’s through a video call or in person. They may claim it’s because they work on an oil rig, serve in the military, or work with an international organization.

Then there's also the classic tale of their camera doesn’t work, or they don’t have good internet reception – but they promise they’re planning to see you. This is when they may ask for your help to buy plane/train tickets or even a new phone. Once you send them the money, they’ll cancel at the last minute with another excuse.

3. They always need money urgently

It’s always an emergency, and they will pressure you to act immediately by giving you various made-up stories.

According to the FTC, the top lies told by scammers are:

• They or someone close to them is “sick, hurt, or in jail.”
• They want “to teach you how to invest” - typically in cryptocurrency.
• They’re “in the military far away.”
• They “need help with a delivery.”
• They’re ready to talk about marriage even though you’ve never met face to face.