Has an online love interest asked you for money? It’s likely a scam. Scammers know millions of people use online dating sites – including Facebook and Instagram. They are there, too, hiding behind fake profiles looking for victims.

Here are some signs of a scam:

• Professes love quickly. Claims to be overseas for business or military service.
• Asks for money, and lures you off the dating site.
• Claims to need money – for emergencies, hospital bills, or travel. Plans to visit, but can’t because of an emergency

The Online Dating Scam isn’t so romantic when you look at the numbers. Considered the costliest scam, in 2020 a reported $304 million was lost – 4x the amount since 2016 according to the FTC.

What to do:

1. Slow down – and talk to someone you trust. Don’t let a scammer rush you.
2. Never transfer money from your bank account, buy gift cards, or wire money to an online love interest. You won’t get it back.
3. Contact your bank right away if you think you’ve sent money to a scammer.
4. Report your experience to:
   1. The online dating site
   2. Federal Trade Commission at ReportFraud.ftc.gov

Source: American Bankers Association