Did you know that romance scams caused $1.14 billion in losses last year, with a median loss of $2,000 per person? In fact, large scale romance scams are happening in our area, and people are taking major losses.
Romance scams involve a fraudster creating a fake online profile, often on social media such as LinkedIn or Facebook. Fraudsters then initiate a romantic relationship with their target, building their trust, often over months or even years. Once they gain their victim's confidence, they ask for money. They may provide reasons for medical emergencies, travel expenses, a business opportunity gone wrong, or an opportunity to invest, and there is always a reason why they can't meet in person.
In the news, you may have heard of victims losing thousands of dollars to scams involving well-known celebrities such as Keanu Reeves and Brad Pitt. These scams often start with a message or post from the supposed celebrity themselves on Facebook or other social media platforms, using real photos of the celebrity on the fake profile to legitimize the interaction.
At American Riviera Bank, we care about your financial well-being and want to help you and your loved ones stay safe online.
🚩 Red Flags to Watch For:
💡 Protect Yourself:
We're committed to helping you protect your financial future. If you suspect a romance scam, report it to the FTC and reach out to your banking relationship manager for support. If you have a loved that you believe has fallen victim to a scam, this helpful article can help you approach them. The key thing to remember is they believe the relationship is real.
Consider inviting them to join a Romance Scam Recovery Group, providing them with a supportive community to help them work through the loss, embarrassment, and isolation that can accompany romance scams.
Other places to consider reporting:
We’re also thrilled to announce that coming soon we will be offering a new financial protection tool that we hope will aid in the fight against these financial crimes. Please read our latest blog, about this new service offered free of charge to our clients.
Love shouldn't cost you your life savings. Stay informed, stay vigilant, and keep your heart (and wallet) safe!
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