February 2022
Data Spotlight | Reports of romance scams hit record highs in 2021 2
funds. These stories are also used to trick people into sending their own money. People have reported paying all
sorts of bogus fees to accept money that never turns up. Others say they deposited a check from their sweetie
and sent some of the money as instructed, only to find out later that the check was fake – leaving them without
the money they sent. Still others report sending money based on promises – later proven to be false – that they
would be repaid.
A growing trend in 2021 was scammers using romance as a hook to lure people into bogus investments,
especially cryptocurrency. People are led to believe their new online companion is a successful investor who,
before long, casually offers investment advice. These so-called investment opportunities often involve foreign
exchange (forex) trading or cryptocurrency. And when people follow this investment “advice,” they wind up
losing all the money they “invest.”
In fact, the largest reported losses to romance scams were paid in cryptocurrency: $139 million last year alone.
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That’s a remarkable growth in cryptocurrency payments to romance scammers: 2021 numbers are nearly five
times those reported in 2020, and more than 25 times those reported in 2019. In 2021, the median individual
reported loss using cryptocurrency was a staggering $9,770. While cryptocurrency losses were the most costly, it
was not the most common payment method for romance scams. In 2021, more people reported paying
romance scammers with gift cards than with any other payment method. In fact, about one in four people said
they paid a romance scammer with a gift card, and they reported losing $36 million last year.
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Reports about romance scams increased for every age group in 2021. The increase was most striking for people
ages 18 to 29. For this age group, the number of reports increased more than tenfold from 2017 to 2021. But
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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So how can you spot scammers if you’re looking for love online?
• Nobody legit will ever ask you to help by sending cryptocurrency, giving the numbers on a gift card, or
by wiring money. Anyone who does is a scammer.
• Never send or forward money for someone you haven’t met in person, and don’t act on their
investment advice.
• Talk to friends or family about a new love interest and pay attention if they’re concerned.
• Try a reverse-image search of profile pictures. If the details don’t match up, it’s a scam.
Help stop scammers by reporting suspicious profiles or messages to the dating app or social media platform.
Then, tell the FTC at ReportFraud.ftc.gov. Learn more at ftc.gov/romancescams
.