Romance Scams: Which Generation is Most at Risk?
BioCatch
FEBRUARY 21, 2024
Explore how fraudsters target generations and how BioCatch tools combat romance scams, safeguarding vulnerable customers and ensuring compliance.
Romance Scams Related Topics 
Chainalysis Reveals Changing Trends Amongst Crypto Fraudsters as They Focus on Romance Scams
The Fintech Times
AUGUST 31, 2024
Eric Jardine, cybercrime research lead at Chainalysis “Taken together, these two data points strongly suggest that scammers are pivoting away from elaborate ponzi schemes that cast a wide net, to more targeted campaigns like romance scams or address poisonings,” explained Eric Jardine , cybercrime research lead at Chainalysis.
Romance scams rose by a fifth in 2023
Finextra
FEBRUARY 5, 2024
The number of people falling victim to romance scams increased by a fifth (22%) in 2023, compared to 2022, according to the latest data from Lloyds Bank.
Men more likely to fall victim to a romance scam, while women lose more money
Finextra
JULY 29, 2024
Barclays is issuing a warning to those looking for love this summer, as Barclays Scams Bulletin data reveals romance scams are on the rise, with the amount claimed in May/June up 139 per cent compared to March/April 2024.
Lloyds Bank report shows a 22% increase in romance scams
The Paypers
FEBRUARY 5, 2024
Lloyds Bank has released its latest data on romance scams and it shows that the number of people falling victim to these scams has increased by 22% in 2023 compared to the previous year.
FTC: Romance Scammers Swindled $143M From Consumers In 2018
PYMNTS
FEBRUARY 12, 2019
12) about potential “romance scams,” which cost victims a collective $143 million last year. The FTC said these particular types of scams cost people more than any other type of swindling, and that they’re expected to become more common. The Federal Trade Commission released a warning on Tuesday (Feb. Don’t rush things.
Victims Of Tech Support Scam Get Refunds
PYMNTS
FEBRUARY 25, 2020
In separate news, the FTC released a warning last year about potential “ romance scams ,” which cost victims a collective $143 million in 2018. At the time, the FTC said these particular types of scams cost people more than any other type of swindling, and they are forecasted to become more common.
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As Authorised Fraud Complaints Increase, RSM UK Says Prevention Is Key to Tackling Fraud This Black Friday
Fintech Finance
NOVEMBER 26, 2024
These can take many forms, including fake online adverts, phishing emails, romance scams and spurious investments. APP fraud occurs when a criminal tricks an individual into sending a payment from their account, or sharing enough personal data to enable the criminal to steal money directly from their account.
APP Fraud, Identity Fraud and AI-Enabled Fraud Spotlighted as Main Threats Facing Fintech
The Fintech Times
APRIL 11, 2024
More complex and financially damaging types of APP fraud include romance scams. Thirty-nine per cent of respondents said that in 2024, someone being tricked into buying goods that don’t exist or send a bank transfer to a fraudster impersonating someone else, otherwise known as APP fraud, would be the biggest cause for concern.
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New Report From PSR Shows How Fraudsters Exploit Major Platforms to Scam Consumers
Fintech Finance
DECEMBER 16, 2024
Telecoms and emails cause significant losses: Fraudulent calls and texts via telecoms were used in 12% of scam cases (26,975) but accounted for 31.5% Emails, while only involved in 2% of scams, led to disproportionately high losses of 35 million (10% of the total). of the losses (107.2 million in losses.
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Cross-Border Payments Could Further Enable APP Fraud, Says Payments Association Study
Fintech Finance
NOVEMBER 13, 2024
APP fraud attempts can include anything from mass texts purporting to be from a bank or utility company asking to be transferred funds to long-term romance scams that can take months and cost the victims thousands.
New report from PSR shows how fraudsters exploit major platforms to scam consumers
Neopay
DECEMBER 17, 2024
Telecoms and emails cause significant losses: Fraudulent calls and texts via telecoms were used in 12% of scam cases (26,975) but accounted for 31.5% Emails, while only involved in 2% of scams, led to disproportionately high losses of 35 million (10% of the total). of the losses (107.2 million in losses.
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Even Steel Bars Can’t Keep Internet Scams In Check
PYMNTS
NOVEMBER 21, 2019
prosecutors charged 80 individuals, many of them Nigerians, who allegedly defrauded businesses and elderly women through a slew of scams, including what are commonly known as “romance scams.” Consider the fact that, for example, over the summer, U.S.
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Crypto Crime Drops 39% But Challenges Persist, Including Ransomware Attacks, Transactions with Sanctioned Entities
Fintech News
FEBRUARY 15, 2024
In particular, the report notes that scamming is most successful when markets are up, exuberance is high, and people feel like they are missing out on an opportunity to get rich quickly. Additionally, many crypto scammers are moving towards romance scam tactics, making these scams more difficult to uncover.
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FTC: Millennials Report Losing $71M To eCommerce Fraud In Two Years
PYMNTS
OCTOBER 1, 2019
The top five frauds to which millennials report losing money are online shopping frauds, business imposters, government imposters, fake check scams and romance scams. Online shopping fraud reports include complaints about items that are never delivered or are not as they were advertised.
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Financial Technology Association Sets Out to Tackle Holiday Shopping Fraud With ‘Smarter Than Scams’
The Fintech Times
NOVEMBER 20, 2024
It also brings awareness to the most common scams consumers face during the holiday season. For example, charity, gift card, imposter, invoicing, pet deposit, phishing, and romance scams.
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Navigating the Evolving Landscape of Crypto Crime
Fintech News
FEBRUARY 21, 2024
However, the decrease in scamming and theft does not tell the whole story. The evolving nature of crypto crimes, with scammers adopting more sophisticated methods such as romance scams, presents new challenges.
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Today In Payments: Puerto Rico Falls Prey To $4M Online Fraud; India’s Antitrust Investigation Into Amazon, Flipkart On Hold
PYMNTS
FEBRUARY 14, 2020
In the face of online romance scams, apps like Facebook Dating and Tinder — and more unique, niche dating apps you didn’t know existed — are working to provide singles with safe and secure meet-and-mingle opportunities. CEO, told Karen Webster. Love: There’s An App For That.
Scams Alert: We Can All Fall Victim to Social Engineering and Fraud
FICO
NOVEMBER 15, 2021
These examples show the breadth of ways people can become victims of scams. Case notes: This combination of romance scam and investment scam happens in the online world of virtual dating and digital currencies — not somewhere you generally find the stereotypical little old lady victim. Case 1: CryptoRom.
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What Big Regulatory Shifts Are on the Way?
The Fintech Times
SEPTEMBER 28, 2024
Whether it’s a romance scam or identity-based fraud, most financial crimes begin outside traditional financial institutions, and regulatory coverage should reflect this. We should expect this to continue with more firms outside of financial institutions being regulated.
The state of fraud in 2024: Key mid-year takeaways
The Payments Association
OCTOBER 28, 2024
Romance scams, though smaller in number, are notable for their emotional and psychological toll on victims. In these scams, fraudsters develop a relationship with their target, often over a prolonged period, before fabricating personal crises to solicit financial help. Losses from romance scams amounted to £14.5
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Study: Financial Pressure Makes CFOs Prone To Fraud
PYMNTS
FEBRUARY 20, 2020
“Since at least 2017, Exaggerated Lion has built a network of trusted ‘ mules ,’ people who they could rely on to deposit checks into bank accounts with few questions asked,” the release said.
Chase On Using Machine Learning To Crack Fraud’s Goldilocks Conundrum
PYMNTS
OCTOBER 1, 2019
consumers lose more to romance-based fraud than any other type of scheme. The agency reported that more than 21,000 individuals were tricked into sending $143 million in romance scams in 2018 — triple the rate reported in 2015. The Federal Trade Commission (FTC) reports that U.S.
Santander Ramps Up Efforts to Make Dangers of Deepfake Tech Known to Brits
The Fintech Times
AUGUST 7, 2024
Know what types of scams deepfakes are likely to be used for. Deepfakes are likely to be used by criminals to scam people through investment scams and impersonation fraud, such as romance scams. If you know the telltale signs of these scams, you’ll know how to spot them – even if a deepfake has been used.
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Justice Department Indicts 80 in Massive Online Fraud Scheme
PYMNTS
AUGUST 26, 2019
history and said in a statement that “fraud networks now target individuals and businesses alike … In the BEC scams, the fraudsters will often hack a company’s email system, impersonate company personnel, and direct payments to bank accounts that funnel money back to the fraudsters in Nigeria.”
Will Real-Time Payments Increase Financial Crime in the USA?
FICO
FEBRUARY 19, 2020
It is not a new type of fraud, but the speed in which criminals can access the money they have scammed and the irrevocable nature of such payments makes it more attractive.
6 Types of COVID-19 Scams to Watch Out For
FICO
JULY 7, 2020
This can also take shape as a romance scam, where the criminal creates an enticing fake profile and builds a relationship with their unsuspecting victim. Quid pro quo scams offer a benefit to the victim in exchange for information. Quid Pro Quo.
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Millennials Impacted By Fraud More Than Older Consumers
PYMNTS
OCTOBER 1, 2019
The top five frauds to which millennials report losing money are online shopping frauds, business imposters, government imposters, fake check scams and romance scams. Online shopping fraud reports include complaints about items that are never delivered or are not as they were advertised.
The Coronavirus And The Fizzle Of Barren Store Shelves
PYMNTS
FEBRUARY 14, 2020
The Cost of Love: Broken hearts club: Consumers report losing more than $200 million to romance scams last year, as estimated by the FTC. B2B Targeted: The FBI reports that Business email compromise (BEC) scams are on the rise. That’s up 40 percent over 2018.
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Retail Payments Fraud: How Consumers and Banks Can Fight Back
FICO
APRIL 29, 2022
Increasingly, the scams involve cryptocurrencies; The New York Times also recently investigating crypto romance scams in which victims are lured into paying criminals with fraudulent, and irrevocable, transfers into digital wallets.
‘Scattered Canary’ BEC Scams Aim At US Firms
PYMNTS
JUNE 10, 2019
The group has evolved from a “one-man shop” that originally scammed victims on Craigslist , and now has dozens of fraudsters targeting smaller firms through BEC — with an emphasis on U.S. The fraud evolved into romance scams a few years later, then BEC scams in 2015. “I companies and government agencies.
PSR Reveals Huge Disparity in How Banks Approach to APP Fraud Claims
The Fintech Times
AUGUST 2, 2024
“Notably, while other types of APP scams are declining, romance scams are on the rise, indicating a pressing need for increased efforts to combat these crimes. The government must intensify its awareness campaigns, and payment firms need to enhance their protective measures.
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UK Finance: Fraud is Down But Over £1billion is Still Stolen by Criminals – What’s Next for the UK?
The Fintech Times
MAY 22, 2024
Purchase scams accounted for 67 per cent of the total number of APP cases. Romance scams However, this type of scam isn’t the only cause for concern. Fraudsters abusing romance scams also utilise APP, tricking victims into believing they are in a relationship before stealing their money.
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What Is Authorised Push Payment Fraud?
FICO
DECEMBER 5, 2017
Confidence tricks such as romance scams, or the infamous ‘Hey Mum’ scam, where people are tricked into sending money to criminals they believe they have a personal relationship with. Targeting property transactions.
Love: There’s An App For That
PYMNTS
FEBRUARY 14, 2020
Romance scams — according to various data streams, including the FBI and Federal Trade Commission — have become an increasingly favored tactic among scammers and fraudsters looking to take advantage of the unwitting. In addition, niche dating sites can be a magnet for fraudsters and catfishers.
APP: The Biggest Fraud Threat with AI the Solution,” Says The Payments Association Survey
Fintech Finance
APRIL 10, 2024
More complex and financially damaging types of APP fraud include romance scams. Deceptively simple, APP fraud involves a person being tricked into buying goods that don’t exist or sending a bank transfer to a fraudster posing as someone trustworthy. Both share a multitude of similarities with APP fraud.
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COVID Crime: What Is Money Muling, and How Can We Fight It?
FICO
SEPTEMBER 10, 2020
Romance scams , “make $100,000 from your kitchen table” scams and other cons can be made extremely compelling by cunning fraudsters. Ongoing economic stress will likely make more people susceptible to the siren song of money muling , which many folks don’t know can be both a federal and state crime.
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Fraud remains a major problem as over £1 billion is stolen by criminals in 2023
Neopay
MAY 28, 2024
Purchase scams account for 67 per cent of the total number of APP cases. The number of romance scams, where victims are tricked into believing they are in a relationship, also reached its highest highs in terms of losses and cases, which were up by 17 per cent (to £36.5million) and 14 per cent respectively.
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52 Why Being Proactive Can Create Fraud Blind Spots
PYMNTS
NOVEMBER 6, 2019
consumers lose more to romance-based fraud than any other type of scheme. The agency reported that more than 21,000 individuals were tricked into sending $143 million in romance scams in 2018 – triple the rate reported in 2015. The Federal Trade Commission (FTC) reports that U.S.
U.S. Card Skimming Fraud Grows 700+% in First Half of 2022
FICO
AUGUST 16, 2022
At FICO World 2022, I hosted a session where we talked about global fraud trends like authorized push payment scams and romance scams. Senior Director, Product Management. expand_less Back To Top. Tue, 08/16/2022 - 11:10. But here in the U.S.,
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How Guided AI Helps FICO Detect 59% More Scams in the UK
FICO
MAY 9, 2023
In the UK alone, scams have accounted for more than £1.3 Scams can take many forms such as romance scams, CEO scams and impersonation of bank officials, to name just a few. billion in losses in a single year , and these fraudulent behaviors continue to grow.
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How Can Banks Stop Authorised Push Payment Fraud?
FICO
FEBRUARY 25, 2022
The amounts paid, type of payee account, and profile of customer will be different for a scam that is leveraging a personal relationship such as a romance scam compared to those for an investment scam. Because fraudsters change their modus operandi, the signals for fraud also change.
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How Advanced Technology is Driving Authorized Push Payment Fraud
Seon
APRIL 18, 2024
Often, the fraudsters enter through impersonation, a romance scam or another type of social engineering fraud scam. APP fraud’s end goal is the transfer of money to an account controlled by a fraudster for something that never existed in the first place – be it goods, services or under the guise of “help.”
APP Scams: What Impact Will the PSR’s Proposals in the UK Have?
FICO
FEBRUARY 9, 2023
million stolen through fraud in the UK last year, payment scams (or authorised push payment fraud or APP scams) accounted for 41%. These are the known figures, but there will be far more unreported incidents, such is the embarrassment felt by those who have fallen victim to scammers, for example, a romance scam.
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