Last year, consumers lost $1.14 billion to romance scams, according to an expert who described the fraud as "more insidious."

• In 2023, the Federal Trade Commission reported that consumers lost a staggering $1.14 billion to romance scams.
• "Fraud experts warn that romance scams are particularly dangerous because they exploit people's emotions. These scams are not just fictional portrayals seen on Netflix, but they actually happen in real life."

Cyber criminals are targeting wealth accounts by tapping into a victim's emotions.

Romance scams entail establishing a relationship and trust with the victim, leading them to voluntarily grant access to their accounts or transfer funds to the offender, as explained by Tracy Kitten, the director of fraud and security at Javelin Strategy & Research.

In 2023, romance scams resulted in a total loss of $1.14 billion for consumers, with each individual losing an average of $2,000, according to the Federal Trade Commission. This represents the highest median losses for any type of imposter scam.

"Romance scams are particularly deceitful because they exploit people's emotions," Kitten stated. "These incidents occur in reality, not just on TV shows like we see on Netflix."

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According to Theresa Payton, a former White House chief information officer and CEO of cybersecurity firm Fortalice Solutions, people behind scams could give a master class in human behavior.

Payton stated that they are aware of the various emotional trigger points that affect us all, and that's when they take action.

'They trust the person who's manipulating them'

Kitten explained that romance scammers deceive their victims into believing they're someone else, eventually establishing a relationship with them.

If trust is established, the victim may be more easily convinced to send money, provide access to their bank accounts, and even launder funds for them, she said.

Javelin's survey of 1,500 financial advisors in July 2023 found that approximately 22% of those with clients affected by fraud had clients who fell victim to a romance scam.

Social media platforms are often used by cyber criminals to establish relationships, Kitten stated.

"Because there's no face-to-face contact, it's really easy for them to deceive their victims," she stated.

In 2022, the FTC discovered that approximately 40% of individuals who reported losing money to a romance scam initiated the contact on social media.

Javelin data shows that nearly 73% of consumers who were scammed in a romance scam were men, based on a survey of 5,000 U.S. households in November 2022.

""Even if you don't have a significant social media presence, your data is still exposed," Payton from Fortalice Solutions stated."

Spotting 'the biggest red flag' for romance scams

Payton stated that the largest warning sign of a romance scam is when they ask for money.

Here are five more warning signs:

1. Scammers can use bots to send unsolicited text messages to hundreds of people through cell phone numbers, email addresses, and social media accounts. These messages can be as simple as "hi." As one person falls for the scam, it becomes easier for others to be tricked, the scammer said.
2. If someone suddenly becomes very interested in the same things as you and wants to continue the conversation on a different messaging platform, it could be a warning sign.
3. The scammer may make up excuses for not wanting to meet in person, but sometimes they might ask for money to cover travel expenses to meet you, Payton said.
4. The scammer may discourage you from discussing your new romantic interest with your family or friends.
5. If the new contact is persistently requesting to maintain the relationship, seeks financial support or discloses financial details.

It's difficult for victims to recognize they've been scammed in long-term scams because "they trust the person who's manipulating them," Kitten stated.

Kitten stated that financial advisors can aid their clients by educating them on what cybercrime may entail. This can significantly assist victims in recognizing when they have been scammed.

Payton suggests five ways to verify a new contact, according to her.

1. Verify the images used by potential scammers by using reverse-search tools online.
2. Be cautious of the personal details you post on social media.
3. When meeting someone, be sure to inquire about their background and pay attention to any inconsistencies in their responses.
4. Before sending any financial information or funds to someone, it's important to first consult with family, friends, trusted advisors, and bankers to discuss the situation.
5. If they act "sketchy," said Payton, "you have your answer." Ask to meet them in person in a public spot or close by a police station.

If you encounter suspicious profiles or messages on an online platform, report them to the FTC at ReportFraud.ftc.gov. If the situation has escalated, report it to the Federal Bureau of Investigation.

The Cybercrime Support Network provides free support and counseling to victims, including a 10-week virtual romance scam recovery group led by licensed counselors, according to Payton.