Security News > 2021 > February > Cybercrooks Rake in $304M in Romance Scams

Romance scams remain the most successful fraud strategy for cybercrooks, and represents a growing sector, according to the Federal Trade Commission.

Romance scams have flourished during the COVID-19 pandemic, thanks to a widening pool of targets, the FTC said.

"Scammers fabricate attractive online profiles to draw people in, often lifting pictures from the web and using made up names," according to the FTC. "Some go a step further and assume the identities of real people. Once they make online contact, they make up reasons not to meet in person. The pandemic has both made that easier and inspired new twists to their stories, with many people reporting that their so-called suitor claimed to be unable to travel because of the pandemic. Some scammers have reportedly even canceled first date plans due to a supposed positive COVID-19 test."

Interestingly, another aspect of romance fraud involves victims being unwittingly used for money laundering.

"Scammers claim to have sent money for a cooked-up reason, and then have a detailed story about why the money needs to be sent back to them or on to someone else. People think they're helping someone they care about, but they may actually be laundering stolen funds. In fact, many reported that the money they received and forwarded on turned out to be stolen unemployment benefits."

People ages 40 to 69 were the most likely to report losing money however.

News URL

https://threatpost.com/cybercrooks-304m-romance-scams/163972/