“Around Valentine’s Day, Sweetheart’s Day… you don’t want to be alone,” Chase Bank Community Manager Gail Taylor in the Detroit area explained this week. “People want, you know, companionship.”
That’s part of why Americans lost more than $672 million from online romance scams in 2024, according to the Federal Bureau of Investigation’s latest internet crimes report. Taylor said that, while these scams are a risk all year, they heat up around holidays like Valentine’s Day.
She joined WWJ Newsradio’s Beth Fisher this week to discuss the scams, and how to stay protected. She said people can be especially vulnerable on social media.
“So, what they do is they go on these dating apps, they go in social media… and they look for people who are vulnerable or looking to build a relationship,” Taylor said. “And they build trust, they play on their emotions, and the next thing you know, you’re giving them your personal information, and then they’re defrauding you. They’re using all this information that they collected against you.”
This week, U.S. Attorney Michael DiGiacomo, FBI Special Agent-in-Charge Philip Tejera and Department of Homeland Security Special Agent-in-Charge Erin Keegan announced the new #DatingOrDefrauding campaign. It’s focused on drawing attention to relationship investment scams.
According to the U.S. Department of Justice, romance scams are on the rise and “becoming more sophisticated than ever,” and like Taylor, it noted that social media apps and dating apps are some of the riskiest online spaces for falling prey to these scams. In addition to being drained financially, victims can be left “emotionally devastated,” especially after “pig butchering” scams that involve love-bombing and emotional manipulation.
While elderly people are often thought of as the targets of online scams, the DOJ said that people of all ages have become victims of romance scams in the U.S. Young people who use dating apps and have cryptocurrency wallets are particularly at risk.
“With romance scams on the rise and more and more people being targeted, it’s imperative that everyone uses extreme caution online to avoid being emotionally devastated and financially drained,” said DiGiacomo. “Be very cautious about what you share online and do not engage with any online requests for money. Trust your gut, if it doesn’t feel right, it probably isn’t.”
Taylor said the best way to stay clear of scams is to avoid giving out sensitive information or money online. This includes early on in a relationship, even if things seem dreamy and romantic.
Other methods of avoiding romance scams listed by the DOJ include: trusting your instincts, limiting who can see your information on social media, checking privacy settings, reporting suspicious people on apps, never responding to wrong number text messages, being careful about any investments and never risking more money than you can afford to lose.
So, what happens when people do become scam victims? What can they do?
“Contact your local police,” said Taylor. “That’s the first thing you want to do, contact your local police, you want make a report.”
That’s the first step. People might not realize that banks can also help, even for people who aren’t customers.
“You also want to go into a local bank and ask for help,” Taylor told WWJ, “Most banks offer that help, whether you’re a customer or not, you can walk into any Chase bank and we will help you.”
She said the staff will help guide victims in the right direction, give them information on how to proceed and help them find solutions.
For those who want find love without finding their bank account drained, Taylor also has some tips.
“When you’re meeting someone and you’re online, definitely pay attention to the profile, make sure they have pictures of family and friends and, you know… it’s just not one or two pictures and the profile is not vague, right?” she said.
Moving slow can also help. Scams often move fast, according to Taylor, so she recommends taking things at a steady pace with online relationships, especially when it comes to sending money.