The Federal Trade Commission has revealed that around 70,000 people lost $1.3 billion to romance scam in 2022.
The Federal Bureau of Investigation stated that those who engage in romance scams construct an online persona in order to win over their trust and affection before using that connection to either steal from or manipulate the victim.
According to the FTC, romance fraudsters defrauded tens of thousands of victims last year, with a median reported loss of $4,400 per victim.
The FTC warns that romance scammers often utilize dating apps to find their victims, with the majority of scammers initiating contact through private messages.
According to the FTC, nearly half of those who reported financial losses in 2022 blamed social media, while about a fifth blamed apps or websites. The FTC observed that widespread communication was maintained through the use of various messaging apps.
The FTC found that in 2018, 14% of victims paid with a bank wire transfer or payment, 19% used cryptocurrencies, and 24% paid with gift cards.
According to the FTC, in 2022, the most significant reported loss occurred when victims attempted to make purchases using a stolen credit card, with over 60% of reported losses coming through bank wire transfers and cryptocurrency payments.
