Security News > 2023 > February > Romance scammers' favorite lies cost victims $1.3B last year

Do. It. Romance scams cost victims at least $1.3 billion in 2022, according to the US Federal Trade Commission's latest numbers.

The most common lie that scammers told their marks is that they, or someone close to them, is sick, hurt or in jail, according to more than 8,000 romance scams reported to the FTC that cost consumers' money.

Pig butchering is a newish twist on romance scams, in which fraudsters build a relationship with their victims and then con them into transferring money into accounts controlled by the crooks.

Last month, European cops arrested 15 suspected scammers and shut down a multi-country network of call centers selling fake cryptocurrency that law enforcement said stole hundreds of millions of euros from victims.

While romance scammers frequently use dating apps to target victims, crooks favor private messages on social media platforms to spark a love match.

According to the FTC, 40 percent of victims who lost money in 2022 said the scam started on social media, compared to 19 percent who cited a dating website or app.

News URL

https://go.theregister.com/feed/www.theregister.com/2023/02/10/romance_scammers_cost_victims_13b/