In recognition of Valentines Day, and all things love, we want to make you aware of the Romance Scam.
Social media networks and dating websites have become increasingly popular tools for meeting and communicating. Unfortunately, fraudsters have capitalized on this trend and often create fake profiles to lure in victims, establish romantic relationships and eventually, extort money.
According to the FBI, over $220 million was lost in 2016 to online romance scam artists. Older Americans in particular have been targeted by this type of scam.
While online dating can open doors to loving, happy relationships, we are receiving more and more reports of criminals using these platforms to take advantage of unsuspecting users. Approach these relationships with caution so you don’t end up with a broken heart and an empty wallet.
If you’re concerned that you or a loved one are being scammed, we recommend taking the following precautions:
- Slow down – and talk to someone you trust. Don’t let a scammer rush you.
- Never wire money, put money on a gift or cash reload card, or send cash to an online love interest. You won’t get it back.
- Contact your bank right away if you think you’ve sent money to a scammer.
- Report your experience to:
- The online dating site
To learn more about online dating scams, view the ABA Foundation and FTC’s infographic.
Resource Information provided by the American Bankers Association.
The next time you receive a frantic call from someone saying they are your grandchild and asking for money, make sure it’s actually your grandchild who’s calling.
According to the Federal Trade Commission, in 2016, impersonation scams ranked second as the most common consumer complaint, with more than 400,000 reported. The “grandparent scam,” is a form of financial abuse that deliberately targets older Americans using impersonation tactics.
To commit this crime, fraudsters call claiming to be a family member in serious trouble and in need of money immediately. The scammer might say he’s stranded or has been mugged, and call in the middle of the night to add to the urgency and confusion. Once the money is wired, the victim later finds out that it wasn’t their grandchild they were helping, it was a criminal.
In recognition of May as Older Americans Month, Stock Yards Bank & Trust offers older Americans these tips to help them prevent impersonation fraud:
- Confirm the caller. Fraudsters are using social networking sites to gain the personal information of friends and relatives to carry out their crimes. Verify the caller by calling them back on a known number or consult a trusted family member before acting on any request.
- Don’t be afraid to ask questions. Fraudsters want to execute their crimes quickly. The more questions you ask the more inclined they will be to ditch the scam if they suspect you’re on to them.
- Never give personal information to anyone over the phone unless you initiated the call and the other party is trusted.
- Never rush into a financial decision and trust your instincts. Don’t be fooled – if something doesn’t feel right, it may not be right. Feel free to say no and get more information before you send money to someone.
Resource Information Provided by the American Bankers Association