Get Smart About Scams: Romance Scams

Intro – What is the scam?

Welcome to Get Smart About Scams, presented by Educators Credit Union, where we’re dedicated to ensuring the safety of our members’ accounts. This audio series discusses the types of scams you may encounter online and in your daily life, how to spot them, and what to do if you think you may have fallen victim.

In a time when dating often begins online, it’s becoming increasingly important to be cautious of who you trust with personal information. That attractive man or woman with an unbelievable profile could be a romance scammer from a different state or country, looking to love bomb you, gain your trust and eventually beg for thousands of dollars in assistance for a fake emergency.

Red flags to look out for.

So, how can you spot this type of fraudster?

1. They are overly affectionate—love bombing you and declaring love prematurely.
2. They want to move off the dating app and onto a private app like WhatsApp or Telegram quickly.
3. When you ask to meet in person or do a video chat, they refuse or make excuses.
4. They may ask for personal information early in the relationship, such as where you bank, how much money you make or have, the names of family or friends, and more.
5. There may be inconsistencies in their stories, such as where they work or live.
6. They may also pose as a famous person, like an actor, musician or comedian.
7. If you try to look for them on a search engine, you may find minimal or mismatching information.
8. They may ask you to wire money for them or conduct financial transactions because they are unable to.
9. Lastly, they start to either ask for money or ask you if you invest in cryptocurrencies.

Common questions that we receive regarding this scam

Some questions we receive about how to identify a romance scam are:

Will they talk to me every day? Yes, in most cases the fraudster will contact you every single day and interact with you like any other person to build trust. Romance scams are a long game for the scammer, and some have been known to last for months.

What are some love bombing phrases to look out for? To manipulate you and create an emotional attachment, romance scammers will use phrases such as: “I’ve never felt this way about anyone,” “You’re my soulmate,” or “I couldn’t live without you.” They will often say things like this far too early, so trust your gut if someone you met online is quick to attach themselves to you.

What are some common excuses romance scammers give to ask for money? Some romance scammers will ask you to invest in crypto on an obscure platform once they feel you trust them. They may say they are in the military, overseas and need money to visit you. Others may promise to visit and/or marry you after weeks or months of love bombing, but they need you to send the money to travel. Fraudsters may appear sympathetic to your perceived financial troubles and offer a means to assist you financially. Lastly, they may tell you a sob story about a family member in crisis and ask for money to help them.

What should you do if you’ve fallen victim to a romance scammer? If the worst has happened and you believe you may be victim to a romance scam, the first thing you need to do is immediately cease contact with that person and block them on every platform. Don’t confront them or make accusations—they could try to convince you they’re real or threaten you with blackmail. Once you’ve cut contact, get in touch with the financial institution of the account you used to send money and let them know what happened. While you may not get your money back, your financial can set up safeguards to protect your account from additional fraud. Finally, file a police report if financial loss or ID theft has occurred.

Outro

Do you suspect you may have fallen victim to fraud? We are here to assist Educators Credit Union members every step of the way. Please give us a call at 262.886.5900. Take care and stay safe. Insured by NCUA. Membership eligibility required.