Love can make you do some pretty crazy things. At least that’s how the saying goes, right?
Well, now scammers are capitalizing on that by trying to use love to get their hands on cold, hard cash. In 2023 alone, the Federal Trade Commission reports, Americans lost $10 billion to scams, a $1 billion increase from 2022. The data is even more alarming for older Americans. The FTC says it received more than 2 million reports of fraud in 2022, with a third of those coming from adults 60 and older. The losses totaled more than $1.6 billion. So, how are seniors being targeted, and what can they do to protect themselves?
It’s no secret that more Americans are turning to online dating apps looking for love. A survey from the Pew Research Center found three in 10 Americans have used online dating. When it comes to older Americans, another Pew Research survey found one in six adults over the age of 50 have used dating apps. As this technology continues to emerge, scammers are following suit by creating fake profiles to manipulate users.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Raising a red flag
Their goal is to gain your trust and affection by paying close attention to the information you share in an attempt to become your perfect match. They’ll seem genuine, caring and believable.
According to the FBI, scam artists often say they’re in the construction industry or involved in projects outside of the U.S. to make it easier to avoid meeting in person and more believable when they ask for money. If you do make plans to meet and they never can, that should raise a red flag. If someone you meet online needs your bank account information or asks for money for any reason, it’s most likely a scam.
So how can you avoid falling victim?
Here are some tips to help you avoid falling victim to romance scams:
Refrain from sharing personal details when posting online. In the world of social media, it’s become easier than ever for scammers to learn everything they need to know about you. Limit the information you do share and don’t give out personal details, especially if you’ve never met in person.
Research the person’s photo and profile. Look to see if the image, name or details have been used elsewhere.
If it seems too good to be true, it probably is. Trust your gut and be sure to ask lots of questions. If they’re pushing you to talk outside of the app right away, it could be a sign they’re trying to get your personal information, so be extremely cautious.
Never send or receive money. Do not share any financial details or send money to someone you’ve communicated with only online or by phone.
Consult with a financial adviser. If you become suspicious for any reason at any point, reach out to your financial adviser. They’re likely up to date on the latest financial scams and can provide advice and support if you end up in this situation.
Scammers always looking for ways to trick people
As the digital age continues to expand and grow, it’s more important than ever to use caution to stay safe online. Scammers are always looking for new ways to trick you into giving them your information. If you have any concerns or questions about securing your accounts, be sure to reach out to a financial professional.
Patrick Simasko is an investment advisory representative of and provides advisory services through CoreCap Advisors, LLC. Simasko Law is a separate entity and not affiliated with CoreCap Advisors. The information provided here is not tax, investment or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
Related Content
- Five Biggest Frauds To Watch Out for in 2024
- Phone Scams: Five You Need to Beware of Now
- Financial Abuse Is on the Rise: What It Is and What to Do About It
- Seven Ways to Protect Older Adults from Financial Abuse
- What to Discuss With Your Aging Parents as They Get Older
-
ESPN to Acquire NFL Network and RedZone in Exchange for 10% Equity StakeESPN will take control of NFL Network and RedZone, while the NFL secures a 10% stake in ESPN — a move that could change how fans watch football.
-
Stocks Rally on Apple Strength: Stock Market TodayThe iPhone maker will boost its U.S. investment by $100 billion, which sent the Dow Jones stock soaring.
-
I'm an Estate Planning Attorney: These Are the Two Legal Documents Everyone Should HaveEvery adult should have a health care proxy and power of attorney — they save loved ones time, money and stress if a sudden illness or injury leaves you incapacitated.
-
I'm a Financial Professional: Here's My Investing Playbook for Political UncertaintyFor successful long-term investing in a politically charged environment, investors should focus on economic data, have a diversified portfolio and resist reacting to daily headlines.
-
The Truth About the Dark Side of Rooftop Solar PanelsRampant bankruptcies in the solar panel industry have left many consumers with systems that don't work and no way to get them fixed. Worse, they're being hounded to keep paying despite not receiving what they were promised. What can they do?
-
Six Big Beautiful Opportunities: Advisers' Guide to Tax and Client StrategiesHere are several ways financial professionals can help their clients maximize opportunities in the One Big Beautiful Bill Act, which extends key TCJA provisions, introduces increased deductions for people 65 and older and more.
-
Five Ways to Maintain Charitable Giving During Volatile Times: A Giver's GuideWhen the economic outlook is uncertain, charitable giving is even more important — and impactful. You can be strategic by using donor-advised funds, diversifying assets and prioritizing unrestricted gifts.
-
Avoid Medicare's 'Shadow Tax' With This Financial Expert's IRMAA-Busting TipsYou're cruising along in retirement, and then bam: Your Medicare premiums soar because your income crossed the limit. Take a breath. There could be a solution.
-
Grilling Season and ETFs: There's More Than One Way to Cook Up a PortfolioExchange-traded funds come in a multitude of 'flavors' these days, from passive to active to factor-based. Their flexibility is what makes them so delicious.
-
You Don't Want It, But You Should Plan for It Anyway: An Expert Guide to Long-Term CarePlanning for long-term care is crucial to protect your independence, family and financial stability against unexpected health events and rising care costs not covered by standard insurance.
