Whether you’re hoping to spark a new relationship or buying gifts for loved ones, Better Business Bureau Serving Western Virginia warns consumers of sweetheart scams by offering tips to avoid common scams regularly reported during Valentine’s Day to protect your heart and your wallet.
According to the National Retail Federation projections, this Valentine’s Day is shaping up to be a substantial spending holiday with estimates totaling $24 billion. Unfortunately, scammers are looking for an unsuspecting perfect victim as they shop for an easy last-minute Valentine’s Day gift.
Not only will scammers try to steal your money during this high-traffic consumer holiday, but they also can leave you broken-hearted. These deceptive darlings pose as a potential love interest to trick you into falling for someone who does not exist. Once a connection is made, they begin pursuing their true goal – money.
New data from the Federal Trade Commission (FTC) show that more consumers than ever report falling prey to romance scammers. As a result, consumers reported losing $547 million in 2021 alone. The impact can be significant, with a median loss of $2,400 reported to the FTC.
In 2021, BBB Scam Tracker reported four instances of romance scams in our BBB 32-county service area with a total dollar loss of $2,000. The most common means of contact for victims was social media and the top payment method was online payment systems.
A new trend that breaks hearts and digital wallets in 2021 was an increase in reports of romance scammers luring consumers into phony cryptocurrency investment schemes. According to the spotlight, consumers who paid romance scammers with cryptocurrency reported losing $139 million in total in 2021, more than any other payment amount. The median loss for consumers who reported paying a romance scammer with cryptocurrency was nearly $10,000. Additionally, consumers often report sending money to romance scammers by using gift cards, with about a quarter of 2021 reports citing gift cards as a payment method.
According to FTC’s recent Data Spotlight report, romance scams are the second most profitable fraud on social media. Moreover, losses to romance scams have climbed to record highs. More than a third of people who said they lost money to an online romance scam in 2021 said it began on Facebook or Instagram. These scams often start with a seemingly innocent friend request from a stranger, followed by sweet-talking and, inevitably, a request for money.
Most heart-throb ruses start with fake profiles on online dating sites that steal photos and text from real accounts or elsewhere. The BBB’s 2020 Risk Report showed those who became victims of romance scams were 55-64 years old and most were women.
“When talking to others online, be cautious if the ‘relationship’ moves quickly, you never met in person, or if they ask for money,” says Julie Wheeler, president and CEO of BBB Serving Western Virginia.
Common Valentine’s Day scams to avoid
Romance Scams
Romance scammers often target vulnerable people who have experienced a recent breakup or other hardship. They take advantage of that heartbreak to establish a connection and gain sympathy to receive money.
Falling victim to a romance scam can also be emotionally devastating. Victims are less likely to reach out to law enforcement, or even admit the person they fell in love with is a scammer at all. They are also at greater risk of returning to dating sites and becoming victim again. Read more about romance scams for safe online dating advice visit BBB.org/romance.
Red flags:
- The relationship moves extremely fast.
- You never meet in person.
- They ask for money.
How can you avoid a romance scam?
- If someone appears on your social media and rushes you to start a friendship or romance, slow down.
- Don’t send a reload, prepaid, or gift card; don’t wire money. Don’t send cryptocurrency to someone you met online.
- If you suspect a romance scam, cut off contact. Tell the online app or social media platform right away and report it to BBB.
Impostor websites
From fake jewelry sellers to online dating sites, consumers should always be on the alert for impostor websites. Scammers can easily lift official photos, sale promotions, and logos directly from the website for popular jewelry brands. With professional graphics and unbeatable prices, scammers build an attractive website that looks eerily similar to the real thing.
Similar methods may be used to build fake online dating platforms, often used to steal personal data and credit card information. For more tips to spot fake websites, read our guide to smart shopping online.
Red flags:
- Products are available at extreme discounts.
- The seller requests customers pay with cash transfer apps or cryptocurrency.
- Customer service is unreachable.
Fake florist scam
Ordering flowers for Valentine’s Day? Don’t procrastinate, or you may end up falling for this swindle. BBB has received many reports of shoppers who thought they were ordering flowers from an online florist but either got nothing at all or a disappointing arrangement. So don’t let phony florists ruin Valentine’s Day.
Red flags:
- The business has no reviews or bad reviews (always check BBB.org!)
- You can’t find a return policy or satisfaction guarantee.
- The deal is “too good to be true.”
Wrong number scam
Responding to a text message from someone who messaged the wrong number might seem harmless. It might even seem like the polite thing to do if the sender says they’re looking to reconnect with a potential match. However, the text message is bait to lure you into a conversation. If you keep chatting, they eventually try to get your personal information by directing you to sign up for an adult site. Learn more about wrong number texts and scam bots.
Red flags:
- The messages do not stop.
- The sender directs you to sign up for a website.
- They try to get your personal information.
What to do if you encounter a scam
If you encounter a suspected romance scam, cut off all contact with the perpetrator by blocking their accounts and phone number. Then, report your experience to BBB.org/ScamTracker. Dating site users should also report suspicious activity to the platform to take action against the scammer’s account.
View more BBB’s Valentine’s Day scam alerts and tips at BBB.org/Valentine.
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