The scammers create fake profiles, using false names and pictures, to lure victims into a false sense of emotional security.

Here’s how a typical romance scam unfolds:

1. The Initial Contact

It all starts with a seemingly innocent message. The scammer reaches out through a dating app or social media platform, often posing as someone charming, attractive, or successful. They might send compliments, initiate conversations, and slowly work to build a connection.

2. Building Trust

Over time, the scammer deepens the emotional connection. They share personal stories, express affection, and may even claim to have fallen in love. This can go on for days, weeks, or even months as they gain the victim's trust. They often promise to meet in person, but for various reasons, those plans always fall through.

3. The Request for Help

Eventually, the scammer asks for money, usually under the guise of an emergency. Common reasons include medical bills, travel expenses, legal issues, or financial problems. Sometimes, they request expensive gifts or ask for personal financial details. At this point, the emotional bond they've created makes the victim more likely to send money.

4. Continued Manipulation

If the victim sends money, the scammer often finds new reasons to ask for more. They may create fake crises, claiming that their situation has worsened or introducing new challenges that require financial assistance. This cycle can continue as long as the victim remains engaged.

5. The Disappearance

Once the scammer has gotten as much as they can, they may vanish, blocking the victim on all platforms or cutting off communication. Sometimes, victims only realize they’ve been scammed when the scammer disappears or never shows up to meet in person.

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How to Protect Yourself from Romance Scams

- Be cautious of anyone who quickly declares love or refuses to meet in person.

- Never send money to someone you've only met online, no matter the reason.

- Verify their identity by doing a reverse image search or looking for inconsistencies in their stories.

- Trust your instincts—if something feels off, it probably is!

Romance scams can lead to serious emotional and financial harm, but by staying aware and protecting yourself, you can avoid falling victim to these schemes. Always remember: love shouldn't come with a price tag!

If your team needs to be trained on how to spot Romance Scams and other similar financial crimes, let us know! AML Incubator is more than happy to enhance the capabilities of your compliance department.

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