Since the search for love and friendship knows no borders, romantic scams have become a growing concern worldwide. Last year, the number of victims of romantic scams increased by one-fifth compared to 2022, according to estimates from the Finance Latvia Association. These scams are particularly targeting women over 50, who are the most frequent victims.
Laima Letiņa, an advisor at the Finance Latvia Association, noted the difficulty in identifying the exact volume of romantic scams as not all victims report the crimes. However, she stated that the trend is on the rise globally, with scammers now focusing on gaining small but regular income. By requesting small amounts of money over long periods, scammers can exploit the difficulty in tracing these transactions, resulting in significant losses for the victims.
Scammers typically create profiles on popular social media platforms such as Facebook, Instagram, and Tinder. They patiently build trust over an extended period, starting with friendship requests from strangers, often from foreign countries. Through ongoing communication, these scammers develop closer long-distance relationships, sometimes evolving into romantic feelings. Finally, they request financial assistance, citing reasons like sudden medical expenses, aid for relatives, or travel tickets to meet in person.
While women over 50 are the most vulnerable to romantic fraud, potential victims come from various age groups and backgrounds. Younger women are more susceptible on dating platforms like Tinder and Badoo, while older women fall victim on Facebook and Instagram. Education level and income are not determinants of susceptibility, as both high-income individuals and those with low income can be targeted. Most often, the victims are compassionate individuals who can be easily manipulated due to their empathy.
Combatting these scams, four Latvian banks managed to prevent financial losses worth EUR 9.2 million last year, as reported by the Finance Latvia Association.
As the prevalence of romantic scams continues to increase, it is essential to remain vigilant and cautious while interacting with individuals online. Reporting any suspicious activity to the police or financial institutions can help prevent further victimization.
