Don’t let your wallet take a hit from Cupid. The Federal Trade Commission said romance scams have claimed $1.3 billion in the last five years.
IOWA, USA — This Valentine’s Day, the Iowa Insurance Division is warning people to be weary of romance scams.
According to the Federal Trade Commission, romance scams were responsible for $1.3 billion in fraudulent claims in the last five years, with record high of $547 million claimed in 2021.
“A romance scammer is when a professional swindler uses a fake identity to gain a victim’s trust,” Consumer Advocacy Officer for the Iowa Insurance Division Sonya Sellmeyer said.
According to authorities, other than matching on a dating or social media site, the first point of contact could be a random text message or phone call using a fake identity. Scammers might also make excuses like being in the military or living out of the country to avoid meeting victims in person.
“They ask you for money, they ask you for personal information or they ask you to move money for them, which unbeknownst to you, is being a money mule because you’re moving that money illegally,” Sellmeyer said.
After gaining a victim’s trust, scammers will act like they’re in an urgent situation that only money can…
