Summer Love or Summer Scam: Stay Safe from Financial Fraud in Relationships

In today’s digital world, finding love online is more common than ever. But while many people are searching for genuine connection, others are looking for their next victim. In 2024, over $697 million in losses were reported to the FBI due to romance fraud, aka "love scams." 

What is Romance Fraud?
Criminals use dating apps, social media, messaging apps, AI chatbots, and ‘wrong number’ text messages to pretend to be romantically interested in someone and gain their trust—and ultimately, their money. Scammers create fake profiles and use deep fakes to make themselves appear attractive and professional. 

Spot the Signs and Stay Safe
Romance scammers are skilled at emotional manipulation. Here’s how they operate—and how you can protect yourself:

• They fall in love fast: If someone you’ve never met declares their love quickly, be cautious. Take your time. Real relationships develop gradually.
• They avoid meeting in person: They may claim to be overseas, in the military, or working in a remote location. Insist on video calls and be wary of excuses.
• They ask for money or favors: Whether it’s for a medical emergency, travel expenses, or a business deal, this is a major red flag. Never send money or share financial details with someone you haven’t met in person.
• They use emotional pressure: Scammers often create a sense of urgency or secrecy. Talk to a trusted friend or family member before making any decisions.
• They request unusual payment methods: Gift cards, wire transfers, cryptocurrency, or prepaid debit cards are common tools for fraud. Legitimate requests for help don’t come in the form of gift cards.
• They pitch fake investments: Some scammers lure victims into bogus cryptocurrency or business schemes. Be skeptical of investment advice from online acquaintances.
• They claim to send you a package: Then they ask you to pay customs or delivery fees. Don’t pay for anything you didn’t order yourself.
• They want access to your accounts: They may suggest opening a joint account or ask for your banking login. Never share your banking credentials with anyone.

What to Do If You’ve Been Targeted

1. Stop all communication with the individual immediately.
2. Contact your bank to secure your accounts.
3. Report the scam to the FTC at reportfraud.ftc.gov and to local law enforcement.
4. Seek support—you’re not alone, and help is available.

Stay Vigilant, Stay Safe
At The Bank of Elk River, we’re committed to helping you protect your finances and your peace of mind. If you ever feel unsure about a financial request or online interaction, don’t hesitate to reach out to us. Together, we can stop romance fraud in its tracks.