Report says Romance scams cost more money than consumer frauds

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A report says Romance scams cost more money than consumer frauds: The modernized classic stories of online romances going incorrect is reportedly costing authorities more than money than any other kind of consumer fraud.

In its latest report, the Federal Trade Commission has unveiled in its latest report that people searching online romance often end up in scams.

In 2018, the Consumer Sentinel reported more than 21,000 cases about the romance scandal, resulting in a loss of USD 143 million.

In 2015, there were 8,500 such reports, which increased to USD 33 million. The median observed a personal loss to romance scams is USD 2,600, seven times higher than other consumer frauds as what was reported in 2018.

It was noted in the reports that romance scammers lure unsuspicious people with phony online profiles, made using the stolen pictures to create alluring and convincing personalities.

A few of these scams often begin with a Facebook message.

One of the main reasons for people’s money laundering is pretending a medical emergency or any other misfortune. Also, these fraudsters often claim to be in the army and being stationed abroad.

Interestingly, the victims of online scam at the highest rate of loss are users of 40 to 69 years of age.

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This is more than double the rate of people in their 20s, which reflects the level of awareness among the younger generation. What’s even more shocking is that people aged 70 and older have reported the highest individual median loss of USD 10,000.

If you are looking for the right one on the online domain, make sure about their authenticity and purpose. Never send money to any person you haven’t met.

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