Protecting Your Wallet and Your Heart: How to Avoid a Romance Scam

While technology has transformed our ability to connect with one another without actually being present, it has created new methods for scammers to exploit unsuspecting individuals. One method, the romance scam or “catfishing,” involves scammers creating fake online personas to lure people into a fabricated romantic relationship. They then prey on the victim’s emotions to swindle money or valuable information from them. Our experts from Risk Management are here to delve into the dangers of romance scams and provide valuable insights on how to protect yourself from falling victim to these crafty schemes.

Here are some key steps to help you avoid becoming a victim of this scam:

Be Skeptical 

Always proceed with caution when talking to any person online. Scammers often profess their love quickly or make extravagant promises to their victim. They will coax and flirt with their victim to manipulate their emotions. “We often find that our elderly members are the first to be targeted, especially if they are newly widowed and looking to make a connection online,” our fraud investigator states.

Check Their Identity 

Scammers steal photos and concoct compelling life stories to gain the trust of the victim and seem more appealing. Risk Management is very familiar with the telltale signs of a romance scam. Our fraud investigator tells us, “When we are faced with a potential scam, we start off by asking questions like, ‘Have you been talking to someone? How did you meet this person? Have you met them in person?’ We’ll even take it a step further by searching the person via Google™ and social media.” An easy method to see if a person you’ve met online is who they say they are is by using the reverse image search on your browser. This can sometimes verify whether the photos have been stolen from other sources.

Be Cautious of Financial Requests 

Once scammers have gained a victim’s trust, they will begin to request money. These requests can range from emergency medical bills to travel expenses to visit the victim. Be wary of any financial requests, no matter how convincing the reasons may sound.

Protect Your Personal Information 

Do not share personal or financial information with anyone you’ve met online. This includes bank account details, Social Security numbers, and other sensitive data. Our investigator states, “One thing we’ve noticed with victims of romance scams is that they quickly disclose their financial standing with people they meet online. They’re telling scammers the amount of money they have in their account and any other assets they have, like property or an inheritance.”

Meet in Person 

If you develop a genuine connection with someone online and wish to pursue a relationship, insist on meeting in person as soon as it’s safe and sensible to do so. Scammers often avoid physical meetings.

Report Suspicious Activity 

If you have a suspicion that you are being scammed, contact your credit union immediately. They have the proper tools and insight on how to deal with a romance scam. Our fraud expert adds, “Trust your financial institution. We are here to mitigate your loss and safeguard your money at all times. That’s what building a brighter financial future looks like for Risk Management at the credit union. It’s how we care for our members.”

Protecting yourself from romance scams requires a combination of vigilance, skepticism, and cautious online behavior. Remember that genuine love and connections are built on trust and shared experiences, not financial transactions. By staying informed and following these precautions, you can navigate the digital dating world safely and avoid the heartbreak of falling victim to a romance scam.