New data show that more consumers than ever are falling prey to romance scammers. Consumers reported losing $547 million in 2021 alone.
The Federal Trade Commission’s data spotlight shows that in 2021 reported losses to romance scammers were up nearly 80 percent compared to 2020, and the total reported lost over the past five years has now reached $1.3 billion.
Romance scammers draw people in using pictures stolen from around the internet, building false personas that seem just real enough to be true, but always having a reason never to meet in person. Eventually, the supposed suitor will ask for money from the unwitting consumer. The impact can be major, with a median loss of $2,400 reported to the FTC.
While many people report the romance scam started on a dating site or app, reports of romance scams originating from contact through social media were also common, according to the FTC.
The largest reported losses to romance scams were paid in cryptocurrency: $139 million last year alone, nearly five times those reported in 2020. In 2021, the median individual cryptocurrency loss was $9,770. While cryptocurrency losses were the most costly, it was not the most common payment method for romance scams. In 2021, one in four people reported paying romance scammers with gift cards; they lost $36 million last year.
Reports about romance scams increased for every age group in 2021 but were up tenfold for people ages 18 to 29. The reported median loss increased with age: people 70 and older reported the highest individual median losses at $9,000, compared to $750 for the 18 to 29 age group
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