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“Often, they are not able to recover those losses.” “A loss of that magnitude can be just devastating for an older adult,” she notes.

While people reaching middle age and beyond (ages 40-69) are tricked by romance scams more often than younger age groups, those 70 and older reported the highest individual median losses at $9,475 per scam, says Deborah Royster of the Consumer Financial Protection Bureau. The Better Business Bureau estimates that as many as a million people in the United States have fallen victim to dating schemes. The real numbers are likely much higher since many people are too embarrassed to report the crime to authorities. That’s up from five years ago when some 12,500 victims reported more than $203 million in losses. In 2020, more than 23,000 victims reported losing more than $605 million to romance scams, according to the FBI, who investigate crimes of the heart tied to our wallets. Right, masquerading as professionals who just happen to be working in far off places - but they’re really criminals in disguise, looking to separate unsuspecting victims from their money.īusiness is booming for lying dirty cheats. Unfortunately, dating apps and social media sites have become hot spots for criminals posing as Mr. Sometimes, loneliness coupled with a quest for love can cause people to lose sight of reality, and end with them draining their bank accounts to help someone they’ve never even met in person.

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