Red Flags of Romance Scams

Are you ignoring financial red flags?

“Romance Scammers” play on your emotions. They build relationships slowly and earn your trust only to steal your money. Some reach out on social media or dating apps and desire to talk. Others use bots to contact hundreds of people via text, WhatsApp, or email with a simple “Hi.” Scammers express interest in the same things as you. They want to move the conversation to a private messaging app. They’ll contact victims often, but they can never meet in person due to some excuse – like living or traveling outside the country. These scammers discourage you from talking to family or friends about your “budding romance.” They’ll isolate you and use pressure tactics to request money or financial information. You might be asked to cover medical expenses, a plane ticket to visit you, a visa, or even cover fees to get you started in cryptocurrency investing.

These con artists want your money as quickly as possible in a way that’s hard for you to recover it. They’ll play on your emotions and pressure you so you don’t have time to think clearly. They’ll tell you to wire money through a company. Or put money on a gift card and give them the PIN codes. Or send money through a money transfer app. Or even transfer cryptocurrency. Now if you’re told to “act now”, that’s a red flag. If you suspect a romance scam, stop communicating immediately and report it to the Federal Trade Commission at ReportFraud.ftc.gov. Knowing the red flags can protect yourself and your loved ones.

And if you need financial help. Crown’s budget coaching program can put you on the road to financial freedom. Go to crown.org and click the “Get Help Now” tab. You can start today at crown.org.