“How to Spot, Avoid, and Recover from Romance Scams”

“`html

What Is a Romance Scam?

A romance scam occurs when a scammer pretends to be romantically interested in their victim to extract money or personal information. These fraudsters create fake identities designed to appeal to unsuspecting individuals.

According to the Federal Trade Commission (FTC), romance scams have surged in recent years. In 2022, nearly 70,000 consumers reported losing $1.3 billion to these scams, with a median loss of $4,400 per victim. Seniors and the recently widowed are often targeted due to their perceived loneliness and access to funds.

How to Spot Romance Scams

Romance scammers often use social media to find victims, creating fake profiles with attractive photos and information. They reach out to multiple individuals, aiming to establish an online relationship. Once trust is built, they reveal a financial problem and request money.

Common red flags include:

• Requesting financial assistance: Scammers often fabricate sob stories to ask for money, especially via cryptocurrency, bank wire, or gift cards.
• Moving too fast: Be wary if someone quickly professes love or talks about marriage before meeting in person.
• Avoiding a meeting: Scammers frequently have excuses for not meeting in person, such as being on an oil rig or in the military.
• Offering investment advice: Some scammers offer to help you invest, but the money you “invest” goes to them.
• Switching platforms: If they try to move the conversation to a private messaging service, be cautious.
• Asking for explicit photos: Scammers may ask for racy photos and then extort money by threatening to share them.

How to Avoid Romance Scams

To protect yourself from romance scams, follow these tips:

• Limit personal information online: Be cautious about sharing personal details on social media and dating sites.
• Adjust privacy settings: Tighten your online privacy settings and be selective about accepting friend requests.
• Research your new love interest: Verify their information and do a reverse image search of their photos.
• Request to meet in person: Insist on meeting before getting serious or sending money. Meet in public and share your location with a loved one.
• Never send money or sensitive information: Deny requests for financial assistance or personal details.
• Trust your instincts: If something feels off, it probably is. Seek a second opinion from friends or family.

Help for Victims of Romance Scams

If you fall victim to a romance scam, take these steps immediately:

• Cut off contact: Stop responding to the scammer.
• File a police report: Report the scam to local law enforcement.
• Try to recover your money: Contact your bank or payment method provider to request a refund.
• Notify the FTC: Submit a fraud complaint to the FTC and consider filing a report with the FBI.
• Report the account: Report the scammer’s profile to the dating or social media platform.

If you shared personal information, consider placing a fraud alert or security freeze with the three national consumer credit bureaus (Experian, TransUnion, and Equifax) to protect against identity theft.

Stay Vigilant for Identity Theft

If you shared private information like your Social Security number, you might be at risk of identity theft. Report it to the FTC and follow their recovery plan to minimize damage. An identity monitoring service, such as Experian IdentityWorksSM, can also help monitor your identity and credit report, notifying you of any changes and offering fraud support.

For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We are here to assist you with the best mortgage solutions tailored to your needs.

“`