As Valentine’s Day is over, and if you made a connection with someone new especially online, Delaware’s Department of Justice advises caution as romance scams are on the rise.
With love in the air, DOJ says scammers are posing as potential romantic partners to lure people into fraudulent investment schemes.
One report found more than 19,000 victims of confidence or romance scams lost more than $735 million, while the Federal Trade Commission reports romance scammers cost nearly 70,000 consumers $1.3 billion in 2022.
According to DOJ, scammers set online traps using technology and social media platforms, profiling targets, and getting to know them before asking for money or introducing an investment opportunity.
Craig Weldon is chief special investigator for DOJ’s Investor Protection Unit. He says there are warning signs.
"We're recommending you do your best due diligence,” said Weldon. “Typically, they will want to tell you they want to meet you in person, but every time you try to set something up there will be an excuse. Typically, we recommend after the second excuse of them not being able to meet you, you're probably dealing with a romance scam, or they're working their way through a romance scam and get out of it as soon as you can."
Other warning signs are also reluctance to meet by video, wanting a long-distance relationship, discussing wealth or business success, and pressuring you to give them money.
The scammers are expanding from dating sites online, and DOJ advises people do as much background checking as possible and any financial opportunity offered.
"We encourage, especially elderly people who tend to be alone ask a family member for some help, but one of the things that we found out is that the elderly don't want to ask for help because they're embarrassed and that's where we wanted to take this stigma away from it and don't be embarrassed," said Weldon.
Weldon adds keep your guard up, check the registration of firms that a romantic interest recommends, and research websites and apps involved.
If you suspect you’re a victim or target of fraud you can contact the Investor Protection Unit, and you can learn more about the scams and unit at Attorney General’s website.
