Romance scams are on the rise and Valentine’s Day is just one example of when these scams can significantly increase. The reality is that scammers are constantly looking to prey on those looking for genuine connections and abuse the currency of trust.
Romance scams are on the rise globally, with reports indicating that millions of dollars are being lost. The Federal Trade Commission reveals that over the past five years, people have lost an astonishing $1.3 billion to these scams. Action Fraud’s data shows that victims in the UK have been swindled out of £317 million in the past four years. Meanwhile, ScamWatch reports that Australians lost over $40 million to romance scams in 2022. In the European Union, after the arrest of 16 alleged cybercriminals who carried out an online scam known as the “love scam,” the National Police stated that about 20 individuals across Europe were duped out of millions of euros.
The Exposure Management business Tenable has issued a warning that scammers attempting to take advantage of gullible people looking for love are frequenting dating apps. Using stolen images, scammers establish false profiles and assume different identities. Once connected, they may advertise get-rich-quick schemes, particularly cryptocurrency investment scams, to seduce unwary people into phoney investment websites and steal their money.
One of the latest schemes to make headlines is “Pig Butchering”, which targets individuals across various messaging, social networks and dating apps through wrong-number text messages and fake dating prospects. Pig Butchering derives tactics from romance and cryptocurrency scams that rely on duping victims of money by gaining their trust with the promise of a real relationship. Scammers then exploit this trust by luring their victims into an investment scheme, typically cryptocurrency but may also include Forex or precious metals like Gold — much like feeding a hog before killing it.
Scammers on dating apps employ fabricated profiles to lure unsuspecting users to external adult dating sites. These sites, which frequently have bogus users, utilize affiliate programs to boost traffic. Consequently, scammers exploit affiliate programs to persuade victims to register on these sites with legitimate email addresses, which can generate a small profit of around $2.00 – $4.00. The most lucrative outcome is when a victim provides their credit card information, earning a scammer as much as $50-100 USD per signup.
One of the few red flags for phishing emails and dating app accounts is poorly written phrases or grammatical problems. As pig butchering frauds are common, ChatGPT could help scammers by assisting them in building more convincing profiles. Additionally, dating and romance scammers can use this technology to facilitate the scripts they employ to persuade potential victims to part with their cash or bitcoin.
Satnam Narang, sr. staff researcher, Tenable said “For dating app users, it’s increasingly important to remain skeptical, especially when being asked to participate in a get-rich-quick scheme around cryptocurrency or to send money to someone you barely know.”
Narang added “Scammers are playing on people’s vulnerabilities and need for connection. If anyone on a dating app is trying to get you to invest money into something, it’s a huge red flag. Always err on the side of caution and use the reporting tool built into the dating apps to flag potential fake profiles and scammers.”
What can users do if they come across a dubious account?
