Beware of Romance Scams on Valentines Day as it could reach $7 billion

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Romance Scams on and after the Valentines Day 2023 are common. But can you imagine that the loss incurred through such scams is amounting to $5.9 billion? Moreover, the losses associated with the online romance scams occurring across the nation could be approximately $7 billion by 2025.

The Bureau’s Internet Crime Complaint Center (IC3) issued two separate statements on this note and asked the residents of Texas, Florida and New Mexico to be extra vigilant as the residents of the said regions were termed to be most vulnerable to such forms of online crimes.

Threat actors who are well versed with manipulating are seen taking up romance scams and these thieves are making merry with the Valentine’s day at the corner.

FBI is urging victims to stop feeling embarrassed and lodge complaints against romance scammers, as this is the only way to keep a track of the crime and curb it to a certain extent.

Simultaneously, creating awareness among the web users and warning them against such threat actors and scams is also being advised.

Non-Profit Better Business Bureau aka BBB also published a blog post on this note and asked technologists, politicians, CEOs and CTOs of companies and heads of government agencies to be aware of romance scams spread across many social media platforms.

In such stories, criminals pose with a profile picture of a beautiful woman dressed scantly and inviting men to meet and play with her.

Often such scams lead to siphoning of sensitive details leading to identity thefts, social engineering attacks and much more. And the trend becomes severe during valentines season.

Thus, all you, online users out there, especially the male folks who are in the age bracket of 29 to 49, you better be aware of the romance scams that make merry of this valentine’s day season.

 

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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