How to Prevent Romance Scams that Led to $1.14 Billion Loss for Consumers Last Year

At Extreme Investor Network, we understand the importance of protecting your wealth, which is why we aim to provide you with valuable and unique information to help you navigate the world of personal finance. Today, we want to shed light on a growing threat that cybercriminals are leveraging to target wealth accounts: romance scams.

According to Tracy Kitten, the director of fraud and security at Javelin Strategy & Research, romance scams involve building a relationship and trust with the victim in order to coax them into providing access to their accounts or transferring money to the criminal. In 2023 alone, consumers lost a staggering $1.14 billion to romance scams, with median losses per person reaching $2,000. These scams are particularly insidious as they prey on emotions, making them difficult to detect.

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As Theresa Payton, CEO of cybersecurity firm Fortalice Solutions, points out, the individuals behind these scams are adept at understanding human behavior and emotions. They exploit emotional trigger points to manipulate their victims into falling for their schemes.

To protect yourself from falling victim to a romance scam, it’s important to be aware of the warning signs. Payton highlights the biggest red flag as requests for money. Additionally, here are five more warning signs to look out for:

1. Unsolicited text messages: Scammers often use bots to reach out to multiple people at once through various platforms.
2. Too good to be true: If the person is suddenly very interested in you and wants to move the conversation to a different platform.
3. Refusal to meet in person: Scammers may make excuses for not wanting to meet in real life or ask for money for travel expenses.
4. Isolation attempts: Scammers may discourage you from talking to family or friends.
5. Pressure tactics: If the new contact is pressuring you to keep up the relationship or asking for money or financial information.

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By being vigilant and following these tips, you can protect yourself from falling victim to a romance scam. If you suspect that you have been targeted, report the incident to the online platform and the FTC. Seek support and counseling if needed to recover from the emotional and financial toll of a romance scam.

At Extreme Investor Network, we are committed to providing you with the latest and most relevant information to help you safeguard your wealth and make informed financial decisions. Stay tuned for more valuable insights and tips to protect your financial well-being.

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