Consumer Tips to Prevent Romance Fraud
Romance Scam Prevention TipsWith Valentine’s Day approaching, Nacha is providing sample consumer tips to Financial Institutions to help their customers avoid falling victim to romance scams. These tips can be incorporated into social media posts, communications to customers and other public-facing communications.
According to the FBI, in 2021, some 24,000 victims across the United States reported losing approximately $1 billion to romance scams. And the FBI notes the actual amount is likely higher as many people do not report romance scams.
These tips include:
• No matter how long you have been communicating with someone online or on a dating app, only send money to people you know and with whom you have established a close and personal relationship. Never send money to anyone you have only communicated with online or by phone.
• Research the person’s photo and profile using online searches.
• Beware if the person asks you to leave the platform where you “met” and communicate directly by text or phone.
• Proceed with caution if the person attempts to isolate you from friends and family.
• Beware if the person promises to meet in person but then always comes up with a reason to postpone.
An additional note: If someone becomes a victim of romance or another form of fraud, they should report it as soon as possible to their financial institution and local law enforcement.