February brings thoughts of Valentine’s Day and love is in the air. But for some seniors, the search for love leads to falling victim to romance scams.
The Federal Trade Commission (FTC) reports a significant increase in online romance fraud, with complaints rising from 8,500 in 2015 to over 25,000 in 2019. This trend has been exacerbated by the Covid-19 pandemic, with seniors being hit the hardest financially.
Lonely and vulnerable seniors have become easy targets for scammers, particularly during the pandemic when many are spending more time on social media. This has led to significant financial losses, with individuals aged 70 and older reporting the highest median loss of $9,475.
Underreported Scams
Many cases of fraud are likely underreported due to the embarrassment that comes with falling for a romance scam. Scammers take advantage of people’s trusting nature and use sophisticated tactics to build relationships and manipulate victims into giving them money.
Identifying Scammers
- Be cautious of individuals who seem too good to be true and those who avoid meeting in person, often claiming to be in the military or working overseas. They will eventually ask for money through various convincing stories, which should always be a red flag.
- Perform thorough research on the person and avoid sharing personal or financial information until you are confident about their identity and intentions.
- Confide in someone you trust if you feel emotionally vulnerable or swept away by a potential scammer.
Online Dating Safety
Despite the prevalence of scammers, it’s important not to give up on online dating, as many older individuals have successfully found love online. Following simple safety tips, such as meeting potential matches in person, checking their background, and taking things slow, can help prevent falling victim to romance scams.
Your Experience
Have you tried online dating? Share your experiences in the comments below!
