Millions of users from all around the globe log into online dating apps to meet their “one and only.” You may have even heard of users finding true love after meeting on an online dating app. However, you might not know the dark side of these dating sites.
The dark side is where scammers and fraudsters operate and trick users looking for matches on dating sites to send them money. According to the Federal Trade Commission, in 2020, reported losses to romance scams reached a record $304 million, nearly twice that of 2019. This dramatic rise has been attributed to the pandemic, which limited social interaction and has people use online means instead.
What Are Online Dating Scams, And How Do They Work?
What exactly are online dating scams, and how do they work? Consider this; you make a profile on a dating site or an app in the hopes of meeting someone special. Very soon, you connect with a number of people, and someone catches your attention. They seem to show a great deal of interest in you and your personal life. They will convince you that they have fallen in love with you.
However, soon they may start recommending investments or offer to teach you how to trade in cryptocurrencies so you can “make some more money.” You may find this harmless and give in. However, these people have no real intention of helping you make money. They often lure victims into false relationships to steal their money.
Here’s How It Usually Works:
⦁ Fraudsters will usually start by creating accounts that seem legitimate. They may use widely available stock images or may downright steal someone else’s identity.
⦁ They will then use dating apps to look for victims. They may initiate a conversation with a target on their own or wait for the dating app to match them with someone.
⦁ The next step is where they will make you put your guard down by slowly building trust. They will send you plenty of affectionate messages for weeks on end.
⦁ Once they have built enough trust, they may ask you to give them money or invest in new opportunities. In other cases, they may also offer to help you with your investment and request your bank login information.
Signs of A Romance Scam
To protect yourself from dating site investment scams, you need to be on the lookout for some common signs. These include the following:
⦁ The Scammer Refuses To Meet You in Person
They may lie and claim to be living overseas or visiting overseas for the time being. Others might claim they are living overseas due to their profession. According to the FTC, some common lies include scammers claiming to be working on an oil rig, in the military, or as a doctor with an international organization.
⦁ They Avoid Video Calls
As mentioned earlier, romance scammers will most likely use stock photos they found online to fake their identities. In other cases, they may have stolen someone else’s identity. The easiest way to confirm this is through a video chat. Here scammers may claim that their webcam isn’t operative, or they simply feel more comfortable texting; they will do all they can to avoid a video call because this will unmask their true identity.
⦁ They Claim To Fall In Love with You – In a Suspiciously Short period
Romance scammers need to quickly build trust; for this, they will quickly claim that they have fallen in love with you and bombard you with affectionate messages (often termed as “love bombing”). They will also make it as convincing as possible by getting all the details they need about your personal life and then claim that they know you very well and you can trust them. These are all elaborate schemes to psychologically and emotionally compromise you into letting your guard down.
⦁ They Steer the Conversation towards Investments
The fraudster will every now and then steer the conversation towards an investment opportunity or ways to make cash. They might claim to have a lucrative investment opportunity that you could make use of; they may offer investment opportunities in cryptocurrency, NFTs, or ICOs.
In other cases, they may claim their business is struggling and convince you to invest there. Some may also claim to have considerable assets in another country, but they need some money upfront to transfer them. But once you send them the money, they vanish, deactivate their accounts, and are never heard of again.
Now you know how romance and dating sites investment scams work. So, next time you log in to a dating site, keep in mind that it is a place to lose your heart not your money.