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Be My Valentine (Send Me $$$)!

  • The FTC released new data showing the rising prevalence of romance scams and the financial toll these scams take on consumers.
  • In its data spotlight, the FTC explained that romance scammers draw interest from consumers by using pictures stolen from the Internet and constructing attractive false personas, and then eventually ask for money from consumers who communicate with them as potential romantic partners.
  • The FTC noted that consumers lost $547 million to romance scammers in 2021, an 80% increase compared to 2020, with a median reported loss of $2,400 and with older consumers reporting the highest levels of losses. 2021 also saw an increased number of scams relating to cryptocurrency investment schemes, for which the median loss was nearly $10,000.