It is peak season for online scams exploiting the desire to find the love of one’s life or a new partner: In the case of “romance scams” or “love scams”, as this modern form of marriage proposals made under false pretences is known, criminals seek out their potential victims over social media under a false identity, build up a purely virtual personal relationship up over the course of months, simulate romantic feelings, all with the sole explicit purpose of exploiting them financially. The damage caused by such scammers are often distressing, not only in emotional terms, but also in financial terms. To coincide with Valentine’s Day, the latest edition of the FMA’s consumer protection information series “Let’s talk about money!” explains how lonely hearts can recognise a “romance scam”, and how to best protect themselves against this kind of Internet scam: “So that your money doesn’t grow wings, rather than feeling butterflies in your stomach.”
“Romance scams” – an international organised form of financial fraud
As a rule, “digital marriage-imposters” are members of professional cybercrime rackets, and are well trained in psychology and communications. They generally use communications and presentation platforms like Facebook, Twitter and Instagram, messaging services like telegram as well as dating platforms and services like Tinder. They create fake profiles, frequently using stolen identities. If someone displays an interest in their profile, they immediately initiate communication, chatting and messaging openly and intensively, and quickly simulate an emotional attachment. As soon as a strong feeling of trust or an emotion relationship has been established, the victim is either asked for financial support in an surprising personal crisis situation, or to lend them money to enable them to meet in person, or in some cases proposals are even made about financially investing in a shared future. There is no limit to the criminal creativity displayed. As a rule, transfers are made to accounts overseas or using payment services like Western Union or MoneyGram on in the form of crypto assets transfer. In this way they are able to siphon off the money both quickly and anonymously before promptly disappearing. Generally it starts off with smaller amounts, which in some cases are initially partially repaid, in order to increase trust. However, recurring requests then follow for new and higher amounts, accompanied by increasing pressure. This continues until the victim breaks off contact or involves the police.
Hints and Tips
Caution is the best form of protection, in order to not fall victim to scammers.
- Remain critical! Online acquaintances who very quickly display emotional affection, and ask for personal and financial information, are acting suspiciously.
- Check their identity! Carry out Internet research about whether there are already reports on the Internet or relevant platforms about a specific person. Using Google’s image seach you can often determine whether a photo has already been uses, or whether it actually shows another person. Where pictures crop up on different dating profiles using different names and lifestories, this a surefire indication of fraud.
- Avoid making payments! Never divulge sensitive information like account details, passwords or personal identification numbers (PIN), and never send copies of passports or identity documents, and don’t share photos or videos.
- Where there is the merest inkling of suspicion, break off contact immediately and report the profile on the platform in question. Report any financial damage sustained to the police.
The new FMA publication on “romance scams” contains all this and many more hints and tips, and provides explanations in clear and simple language. The publication can be found on the FMA’s Let’s talk about money! Site, at https://redenwiruebergeld.fma.gv.at/en/romance-scams/ as well as for downloading (in German only).
Further information about financial and investment fraud issues can also be found on the FMA website at https://www.fma.gv.at/en/spotting-financial-fraudsters/.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43 0 676 88249516
+43 (0)1 249 59 – 6006