Romance Scams
Beware of Scammers on Social Media and Dating Sites
In 2022, nearly 70,000 people in the US reported a romance scam, and reported losses hit a staggering $1.3 billion. The median reported loss was $4,400. Once the funds are sent, it is usually impossible to recover.
In today's digital age, scammers are increasingly using social media platforms like Facebook and Instagram to find their victims. They may introduce themselves as “old friends from school,” “friends of acquaintances,” or “friends of co-workers” to build a false sense of familiarity and trust.
Dating sites are another common hunting ground for scammers. They often develop long-term relationships with their victims, only to start asking for financial help once they have gained their confidence. Requests may include help paying a bill, borrowing money, or sharing an “unbelievable investment or business opportunity.”
Common Scammer Tactics:
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Requesting Bank Information: Scammers will often try to get your bank account information, including account and routing numbers, usernames, passwords, and PINs.
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Fake Military or Overseas Stories: A common ruse is claiming to be deployed with the military or working overseas. They make plans to meet in person, but there's always a delay.
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Cryptocurrency ATM Deposits: They may ask you to withdraw cash from your account and deposit it into a “bitcoin or cryptocurrency ATM” to help them out financially.
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Check Deposits: Another tactic is asking you to deposit checks and then send them the funds via wire transfer or crypto ATM because they supposedly cannot do banking activities from their location.
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Money Transfers: They may also ask you to let them transfer money into your account from another account they claim to be unable to access, with the instruction that you then send the funds via wire, CashApp, or Zelle.
Protect Yourself
If you encounter any of these activities or have concerns about your online interactions, contact us! Cornerstone Community Financial is in your corner, and your security is our priority. These schemes are more common than people realize, so protect yourself from becoming a victim.
Stay vigilant and remember: if something feels off, it probably is. We're here to help you navigate safely through the digital world.