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There’s something you might want to hold onto this Valentine’s Day besides your sweetheart’s hand: Your wallet.
Romance scams soared last year, with the number of reported hoaxes rising to nearly 21,400 from about 16,900 in 2017, according to the Federal Trade Commission. Reported losses also ballooned, from $88 million to $143 million, more than any other type of consumer fraud.
The spread of such cons in recent years is even more dramatic. In 2015, there were about 8,500 romance scams that amounted to $33 million in losses.
Romance scammers often find their victims online through a dating site, app or social media, the FTC says. They typically create phony profiles using a stranger’s photo they found online, making up a name or assuming the identity of a real person.
“Once these fraudsters have people by the heartstrings, they say they need money, often for a medical emergency or some other misfortune,” the agency says. They often say they’re in the military and based abroad – that’s why they can’t meet in person. A common ruse: They need help with travel costs for a long-anticipated visit.
The median loss to a romance scam last year was $2,600, seven times higher than any other type of fraud. Most victims said they wired money while others mailed gift or stored value cards.
Americans age 40 to 69 reported losing money to romance scams at more than twice the rate of people in their 20s. But those 70 and over suffered the highest median loss -- $10,000.
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Here’s what the FTC says you can do to avoid falling prey to such ploys:
• Never send money or gifts to a potential love interest you haven’t met in person.
• Talk to someone you trust about the person. You may be blinded to obvious signals by the excitement of the relationship.
•Take it slowly. Ask questions and be suspicious of inconsistent answers. Try doing a reverse image search of a profile picture. If it’s linked with another name or details that don’t match, it’s a scam.
This article originally appeared on USA TODAY: Romance scams surge so hold onto your sweetheart's hand and your wallet on Valentine's Day
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