You might need to sit-down to take all this in and process it:
FTC says Americans lost $547 million to romance scams in 2021
The US Federal Trade Commission (FTC) said that Americans reported record high losses of $547 million to romance scams in 2021, up almost 80% compared to 2020 and over six times compared to losses reported in 2017.
Financial losses stemming from romance scams have skyrocketed during recent years, with a total of $1.3 billion lost over the past five years.
This type of fraud (also known as confidence fraud) can lead to devastating emotional scars and significant financial losses. The crooks use fake online identities that help them gain potential victims' trust on social media platforms or dating sites.
Once they lure their targets in, the criminals take advantage of the illusion of a romantic relationship to manipulate the victims into sending money or financial info, which can be used for other types of fraud schemes, such as investment scams.
Last month, the FTC also revealed that over 95,000 US consumers reported losses of around $770 million after getting scammed on social media platforms, with romance scams being the second most profitable fraud after online shopping scams. . ."
How to spot a romance scammers... How to spot a romance scammers... Tips
If you have fallen prey to a romance scammer, the FBI urges you to stop all contact immediately and file a complaint at www.ic3.gov.
You should also reach out to your bank to see if the financial transactions you might have made after the scammer reached out can be stopped or reversed.
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