More people are meeting their significant others online. As of 2023, roughly 10% of committed relationships in the U.S. began via digital platforms. While that’s a relatively modest share given how ubiquitous dating apps are today, it’s actually a seismic shift when viewed historically. In the mid-1990s, that figure was essentially zero.
But for every success story, there’s a cautionary tale. The same technology that brings people together can also be weaponized by scammers posing as soulmates. A sharp rise in romance scams has consumer protection groups and financial institutions sounding the alarm yet again. Last year alone, nearly 59,000 Americans fell fallen victim to romance scams, losing an estimated $700 million.
Part of the problem is how excellent scammers are at innovation. Several new romance-scam tactics have grown rapidly in the last two years:
Scammers are using sophisticated Generative AI tools to initiate convincing video chats or to clone a voice for phone chats. The technology allows them to act and speak in ways that lower the suspicions of their online sweetheart (a.k.a., victim).
How to avoid it: Insist on a live verification, like the kind you’d see in a 1980s thriller. Ask the person you’re chatting with to hold up a piece of paper with today’s date, plus a random phrase you make up in the moment.
After cultivating a relationship for months, the scammer steers the victim into fake crypto investment platform. It doesn’t take long before the fraudster is convincing their mark to send funds or scan QR codes to “invest.” Scammers prefer crypto for its anonymity, but for victims, this makes money nearly impossible to recover.
How to avoid it: If an online love interest convinces you to move communication off of a trusted platform onto another one, be wary. Never send money to an investment you didn’t independently verify, including highly volatile crypto investments.
Getting inspiration for its moniker from phishing (text) and vishing (video), quishing malware delivery scams rely on QR codes to lure victims into downloading malicious software. Especially effective in romance scams where misplaced trust convinces the mark to scan, quishing has proven quite useful for not only installing malware, but also extracting credentials, like online banking usernames and passwords.
How to avoid it: Don’t scan a QR code unless you are sure you trust the host. If you’re presented with one, hover your phone’s camera or use a scanner app that shows the full web address before opening it. Don’t click through if it looks unfamiliar or misspelled.
For Iowans, where trust in people tends to run a bit deeper, scams like this can feel personal, making the shame of falling into an online con artist’s trap especially acute. It’s so important for victims of romance scams to remember these are sophisticated, clever schemes, and increasingly, they’re powered by technology that moves, learns and acts in ways no single human ever could. They are designed to fool even smart, technologically savvy people.
There is no shame in being attacked, and victims should never feel alone or like they can’t report what happened. Victims have several options for reporting, including:
Protect yourself by following a few simple habits (and sharing these with aging adults, who are high-value targets for romance scammers):
Most importantly, talk about these scams. When they happen to you or a friend — or even when you simply hear about them on the news. The more people share their experiences, the harder it becomes for scammers to hide their schemes.
Use Bank Iowa’s fraud resources for additional information about fraud protection.