A search for love shouldn\u2019t cost you your life savings \u2014 but for a growing number of Americans, it does. That\u2019s what happened to Jackie Crenshaw, from Connecticut.<\/p>\n
She told ABC 7 News that while she had a great career and many friends, at 60, she wanted someone to share her life with (2). So she tried online dating for the first time, using the website BLK. Crenshaw met someone who said they were a widower with two kids.<\/p>\n
Crenshaw told ABC 7 that after about two months, the conversation turned to investing in cryptocurrency. At first, she sent $40,000, and she received screenshots from the scammer that purported to show how well her investments were doing. This encouraged her to send more and more, until she had sent almost $1 million, and her 401(k) was wiped out.<\/p>\n
And she\u2019s not alone. In 2024, Americans reported romance and confidence scams cost them more than $670 million, according to the FBI\u2019s Internet Crime Report (1).<\/p>\n
While people aged 60 and over reported the highest combined total losses (more than $389 million), people from all age groups are affected by these types of scams.<\/p>\n
Here\u2019s how these scams typically unfold and the warning signs that could save you from becoming the next victim.<\/p>\n
Romance scams typically follow a predictable script. Scammers create an appealing persona, quickly build emotional intimacy, isolate their target and then introduce a financial \u201cemergency\u201d or investment opportunity.<\/p>\n
Love bombing is a manipulation tactic that involves \u201cexcessive attention, affection, compliments, declarations of love, and gifts to create an intense emotional bond and a sense of urgency and dependence, which then paves the way for manipulation once the partner is \u2018hooked\u2019 (3).\u201d<\/p>\n
There were other red flags that Crenshaw didn\u2019t pick up on, which are common when it comes to romance scammers. He called her constantly, and sent her gifts. But they never spoke over video chat.<\/p>\n
Refusing to meet in person is one of the biggest red flags when it comes to romance scams, according to non-profit FightCyberCrime.org<\/a> (4). Not wanting to speak on a video call is also a red flag, however, the non-profit warns that video chats can be manipulated by AI.<\/p>\n Story Continues <\/p>\n Read More: The average net worth of Americans is a surprising $620,654. But it almost means nothing. Here\u2019s the number that counts (and how to make it skyrocket)<\/a><\/p>\n FightCyberCrime.org<\/a> notes that romance scammers often take their time building a relationship with their victims, and it may be months before a scammer asks for money (4), or in Crenshaw\u2019s case, brings up an investment \u201copportunity.\u201d<\/p>\n Cybersecurity expert Adam Levin told ABC 7 that romance scammers might make their investment ideas seem legitimate at the outset. \u201cThey get you involved, and they help you open an account. Oftentimes it\u2019s on a legitimate site. You make some money. They even let you take the money out, but then they kind of wet your whistle. You get really excited about it, and then all you want to do is do more and more and more,\u201d Levin told ABC 7 (1).<\/p>\n That early \u201cwin\u201d is intentional \u2014 it builds confidence and lowers defenses before the scammer asks for larger sums.<\/p>\n Romance scammers often develop a persona that seems real, according to the Consumer Financial Protection Bureau (CFPB). They may use stolen photos, fabricated careers and carefully crafted backstories. But in some cases, they may use real photos of themselves, which can make the deception harder to spot. The key isn\u2019t whether the photos look authentic \u2014 it\u2019s whether the story and behavior raise red flags.<\/p>\n According to the CFPB and FightCyberCrime.org<\/a>, these are common red flags:<\/p>\n They escalate intimacy unusually fast<\/p>\n They overwhelm you with constant calls and texts<\/p>\n They refuse to meet in person or avoid live video<\/p>\n They ask you to keep the relationship secret<\/p>\n They claim to live abroad or work in remote professions (military, oil rig, international doctor)<\/p>\n They introduce cryptocurrency or investment \u201copportunities\u201d<\/p>\n They pressure you to move money quickly<\/p>\n If you think you have been a victim of a romance scam, you can take the following steps (4) (5):<\/p>\n Immediately cease contact with the person.<\/p>\n Tell a trusted friend or family member about what is happening.<\/p>\n If you sent money or shared financial information, contact your financial institutions and report the fraud.<\/p>\n If you shared personal information, take steps to prevent identity theft, such as a credit freeze or fraud alerts on your credit reports, and changing your passwords.<\/p>\n Report the scammer to the online platform where they started messaging you.<\/p>\n Have your devices scanned for malware.<\/p>\n Be vigilant about other possible fraudsters, as other cybercriminals may target you.<\/p>\n Report fraud to the FTC and the FBI\u2019s Internet Crime Complaint Center.<\/p>\n The FTC\u2019s guidance is blunt: never send money, cryptocurrency, gift cards or wire transfers to someone you haven\u2019t met in person. If someone you\u2019ve never met mentions money, respond with a hard no (6).<\/p>\n Romance scams are impacting people of all ages, from all walks of life. The FTC says that anyone can be targeted \u2014 whether through a dating app, or just through social media \u2014 if they respond to a message from someone they don\u2019t know. \u201cThe reminder to business executives is that even sophisticated people wise to the ways of the world have been taken in by romance scammers,\u201d the FTC says.<\/p>\n Romance scams that prey on people looking for love can be devastating, both emotionally and financially. If it happens to you, you\u2019re not foolish, you\u2019re human. Reporting scams to the FTC or FBI not only increases the chances of recovery but may help prevent someone else from losing everything.<\/p>\n Join 250,000+ readers and get Moneywise\u2019s best stories and exclusive interviews first \u2014 clear insights curated and delivered weekly. Subscribe now.<\/a><\/p>\n We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines<\/a>.<\/p>\n FBI (1<\/a>); ABC 7 News (2<\/a>); Fairfax Department of Family Services (3<\/a>); FightCyberCrime.org (4<\/a>); CFPB (5<\/a>); FTC (6<\/a>)<\/p>\n This article provides information only and should not be construed as advice. 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