
Romance Scams: Protect Your Heart and Wallet with Identity Verification

BEFORE YOU GO...
Check how Shufti Pro can verify your customers within seconds
Request DemoNo thanks
People searching for love online sometimes meet the unfortunate fate of a broken heart and sometimes an emptied bank account. Although online dating platforms have become popular for finding a soulmate, they have also become fertile ground for perpetrating romance scams. Imposters create phoney profiles to attract victims into a romantic relationship and then commence financial extortion.
Romance scams are taking the world by storm with every passing year. They incur the highest monetary losses in comparison to other online crimes, raising concerns for individuals and businesses. Internet Crime Complaint Center (IC3), a division of the FBI concerning suspected internet-facilitated crime, reports that 19,050 victims in the US lost $739,030,292 to romance scammers in 2022. The report mentioned 1,475 victims losing a total of $53,412,471 in Florida and 387 victims losing $15,004,250 in North Florida. However, these are still not the exact figures, as many such cases go unreported.
Cybercriminals have leveraged the rising popularity of online dating to commit fraud by finding suitable targets.
Here’s how romance scammers perpetrate fraud:
The Federal Bureau of Investigation (FBI), the US domestic intelligence and security service and its primary law enforcement body have identified the latest trend in romance scams. As per the law enforcement agency, romance scammers are pressuring their prey to invest in a cryptocurrency which could result in increased victimisation in 2023.
The FBI predicts a higher financial loss documented due to this trend as part of romance fraud. The scam begins the same way as establishing a fake online relationship. However, the scammer does not request cash in this but convinces the target to invest in cryptocurrency. When the victims request to check the Return on Investment (ROI), they are directed to a fake site controlled by a scammer. When the prey makes a purchase, the imposter cuts off the connection and prevents them from withdrawing their investment.
“Online dating is common today, but unfortunately, scammers also thrive on those same sites,” said Sherri E. Onks, Special Agent in Charge of FBI Jacksonville. “Whether you’re looking for love or a friendship online, be sure you first understand the risk of being exploited. Remember, a scammer will always eventually ask you for something, so set a boundary early on and never send money to someone you’ve never met.”
Romance scammers are very smart in spinning stories to attract their targets. However, some signs that may help spot scams before they disturb your financial and mental well-being, such:
Online daters must choose digital platforms that offer greater security, ensuring their personal data and themselves are safe. Dating sites can assure this protection by deploying identity verification solutions that weed out phoney AI-generated profiles.
Here are the best identity verification solutions to invest in:
Shufti Pro is a globally trusted IDV solution provider that goes beyond standard KYC checks to help online dating platforms reduce romance scams. Shufti Pro’s AI-powered identity verification solution verifies profiles with more than 99% accuracy and helps dating sites comply with regulations.
Still confused about how an identity verification solution works?