As Valentine’s Day brings celebrations of love, federal agencies and tech companies are issuing warnings about a darker reality—romance scams.
Fraudsters posing as potential partners are preying on lonely individuals, often stealing thousands of dollars under the guise of love and companionship.
The Federal Bureau of Investigation (FBI) describes romance scams as online schemes in which criminals use fake identities to gain a victim’s trust before manipulating them into sending money.
These scammers often claim to be working overseas in construction or the military, using distance as an excuse to avoid meeting in person.
The scams have reached alarming levels, with the Federal Trade Commission (FTC) reporting that Americans lost over $1.14 billion to romance fraud in 2023.
In the first nine months of 2024 alone, reported losses reached $823 million.
However, experts believe these figures are significantly underreported, as many victims feel too ashamed to come forward.
Meta takes on romance scams
Tech companies have ramped up efforts to detect and remove scammers from social media platforms.
In a note published on Wednesday, social media giant Meta spoke of disrupting a major network of romance scammers who posed as US military personnel on Facebook, Instagram, Threads, TikTok, Pinterest, YouTube, and Quora.
Meta revealed that scammers typically posted about “feeling lonely” or “looking for love” and then moved conversations to WhatsApp, Telegram, Signal, or Facebook Messenger—often using Nigerian phone numbers.
The scammers would then request wire transfers or online gift cards, citing fabricated expenses such as long-distance phone calls or postage for a romantic gift.
In 2024, Meta took down over 408,000 accounts from countries including Nigeria, Côte d’Ivoire, Ghana, Benin, and Cameroon.
These accounts had targeted individuals in Australia, the UK, the EU, the US, South Korea, Syria, Japan, and Ukraine.
Additionally, over 116,000 Facebook and Instagram pages were removed for engaging in similar fraudulent activities.
Romance scams pose risks for banks: Moody’s
According to a report by Moody’s, 1,193 new entities and individuals were linked to romance scams in 2024—the highest number recorded in six years.
The United States accounted for 38% of new scam profiles, followed by Nigeria (14%), India (12%), the UK (11%), and Malaysia and China (5% each).
Financial grooming scams surged during the COVID-19 pandemic, as people in isolation sought emotional connections.
Moody’s noted that while new romance scam profiles in its database dropped by 29% in 2020, they spiked by 57% in 2021 as global lockdowns fueled online relationships.
The report also highlighted the risks for banks, which face reputational damage and fines if they fail to detect and prevent money laundering tied to romance scams.
Romance scams tied to cryptocurrency fraud on the rise
A new report from Comparitech shows that while reported romance scam cases dropped by 6% from 2023, financial losses remain severe.
Significantly, scammers are increasingly combining romance fraud with cryptocurrency investment schemes, deceiving victims into transferring funds under the pretense of love and financial opportunities.
Arizona reported the highest scam rate per capita, while California led in total losses, with $104.8 million from 6,687 cases.
A rising trend of “double-barreled” scams has also emerged, where fraudsters first pose as romantic partners before persuading victims to invest in fake crypto ventures.
According to the Internet Crime Complaint Center (IC3), romance scams linked to cryptocurrency fraud accounted for $215.8 million in losses in 2023.
A report published on February 13 highlighted the FBI’s “Operation Level Up,” an initiative aimed at preventing victims from falling prey to “pig butchering” cryptocurrency scams.
According to the report, the operation has helped potential victims avoid losing approximately $285 million to fraudulent investment schemes.
As of January 2025, the FBI has reached out to over 4,300 individuals who were at risk of financial loss.
Among them was a person on the verge of investing $1 million and another planning to sell their home for $500,000 to fund a scam investment.
Thanks to the FBI’s intervention, both individuals withdrew from the schemes, avoiding devastating losses.
How to protect yourself from online romance fraud
Cybersecurity experts stress the importance of vigilance when engaging with strangers online.
Rachel Tobac, an internet safety expert and ethical hacker, suggests three key steps to detect romance scammers:
Be politely paranoid – Many scammers use stolen or fake identities. Conduct a reverse image search on their profile picture to check if it appears across multiple unrelated accounts.
Be wary of financial requests – If someone you’ve just met online asks for money, bank account details, or other sensitive personal data, it’s likely a scam.
Legitimate relationships don’t start with financial requests.
Encourage second opinions – Victims often act under emotional pressure.
If a friend or family member is in an online relationship with someone they’ve never met in person, encourage them to discuss it with a trusted confidant before sending money or sharing sensitive information.
The post Romance scams surge as fraudsters exploit love and cryptocurrency appeared first on Invezz
