February is the month of love, but this does not mean that romance scammers stop scamming for Valentine’s Day.
No matter how you plan to spend Valentine’s Day, it’s important to recognise the warning signs of romance scams — and find out quickly if you should be walking away from potential love interests or friendships.
You can protect your money (and your feelings) by educating yourself about their online fraud tactics and how to stay safe.
Experts from Luno warn that romance scams involve building an emotional connection with victims over time and using this false trust to convince them to part with their money.
“These scams often begin with a fraud perpetrator creating a fake profile that portrays a life of luxury. The scammer then establishes communication, frequently bombarding victims with messages of affection and understanding,” says Christo de Wit, Luno’s country manager for South Africa.
Scammers are skilled in emotional manipulation, preying on the need for human connection. They might send you frequent messages, voice notes, or even make phone calls, gradually creating a sense of intimacy and trust before they convince you to send them money.
“With crypto-related romance scams, the scammer’s goal is to subtly introduce cryptocurrency into the conversation, often portraying themselves as wealthy crypto traders. With carefully crafted narratives, they lead victims to believe that investing in crypto is an expression of their love and commitment,” says de Wit.
What to look out for
De Wit says red lights should start flashing when the relationship moves fast – if someone professes their love very early on, it’s a sign to be cautious.
Watch out if you are lured off a dating site to instant messaging or social media early on and the other person prefers chatting instead of video calling, which they cannot do ostensibly because of phone or laptop problems.
There are many romance scams that start with unexpected private messages on social media platforms, not only dating sites.
“The scammer also promises to visit and then cancels at the last minute due to an emergency. In addition, he or she will also ask you to send money until his or her investments pay out, instruct you to use specific payment methods such as wire transfers or to send crypto, persistently offer to help you buy and trade crypto, ask you to share personal information and even asks you to commit financial fraud on his or her behalf,” de Wit adds.