How to protect your heart (and wallet) against romance scams 

Finances and romance have always gone hand in hand. Nearly 40% of couples meet online nowadays?(on places they may pay to be a part of), "money issues" are the third biggest driver of divorce,?and Americans lost over a billion dollars in romance scams in 2023. To better protect your wallet (and perhaps your heart) in this landscape of love is one of RVCU's many experts, JaLesa! 

Q: JaLesa, can you tell us a bit about yourself and what you do? 

A: I’ve been with Rock Valley Credit Union for 5 years and am currently the BSA/Fraud Analyst. I investigate our members' accounts for daily fraud alerts along with their online banking to help minimize any fraudulent activity that members could potentially experience.  

Q: As we said at the top, romance scams cost Americans over a billion dollars in 2023, what is a romance scam? 

A: Romance scams are when a fraudster will create a fake personality, even creating a whole new identity to trick a victim into thinking that they are in a romantic relationship with them. Once this fraudster has built rapport with the victim, they will try and gain as much trust within the victim to where they support them not only emotionally as their significant other would do, but their ultimate goal is for the victim to support them financially. By doing so, the fraudster will then start requesting the victim to send them money causing them to eventually lose hundreds of thousands of dollars.  

Q: Thanks for laying out what a romance scam looks like, what trends are you noticing with this type of fraud in your line of work? 

A: Well, I’m sure we’ve all heard of gift card fraud, where fraudsters will want you to buy countless gift cards and then give them the codes on the back of the cards. I think since everyone’s been made aware of this scam, more people are noticing right off the bat whenever anything is mentioned with purchasing gift cards 9 times out of 10 it’s a scam. But what’s most important is that as a general population, we start becoming more educated on the other types of scams.  

Unfortunately, obituaries are public information meaning fraudsters are easily able to access them. They will tend to reach out to widows or widowers since they are more vulnerable and lonelier.  Fraudsters will typically give their victims an elaborate and highly unrealistic story, as to why they need these funds. Fraudsters will also avoid any if not all face-to-face interactions. They will come up with excuses whether they are working, traveling or simply “it’s not a good time”. Although fraudsters don’t always specifically aim toward an elderly audience, they will target anyone of any age and will attempt to contact you through any social media channels or online banking sites. Always remember that there is no discrimination in fraud.  

Q: With people meeting online being the most popular way for couples to meet nowadays, what advice would you give to folks dating online to protect themselves from romance scams? 

A: Always be cautious of who you talk to on the internet and if something feels suspicious chances are it’s suspicious. Do your research and find out as much information as you can about someone, look them up in public records, even a simple Google search. Fraudsters tend to reuse fake photos, or irrelevant pictures that don’t show a face. Verify their identity, if they don’t want to talk on the phone or meet up in person that’s a red flag in alone on itself. Lastly, if you haven’t met them in person to confirm their identity, don’t ever send them money.  

Q: Thanks for all of this insight JaLesa, anything else you'd like to add before we warp things up? 

A: These fraudsters are well aware that what they are doing is not only morally wrong but also illegal. If a fraudster ever tells you to lie to your financial institution about anything whether that be where you’re sending the funds to, the reason you’re sending funds, or even tell you to lie about who you are sending funds to. Please, immediately stop all contact with them. Block the number they’re contacting you from, and report it to authorities and your financial institutions. Always remember that we are here to help you and save your money that you worked hard for and that you earned, we’re not here to judge you.  

To report any romance scams go to:  

• local police department 

• Internet Crime Complaint Center-  https://www.ic3.gov/ 

• Federal Trade Commission - https://reportfraud.ftc.gov/