What you need to know about romance and confidence fraud
NewsPrivacy and SecuritySocial Media May 15, 2019 Tom Gainey
A heart-breaking statistic has recently been discussed by security software experts, yet itâs perhaps not a surprising one.
Avast posted an article about romance and confidence fraud to its blog following contact with an FBI expert. Titled âRomance and confidence fraud: Cybercrimeâs $363 million secretâ, Jeff Elderâs article is a fascinating read.
It revealed that fraud relating to dating sites and social media is currently the second-costliest type of cybercrime out there.
The blog post also referenced some real-life examples, mentioned in the FBI report that published the statistic.
So, what is romance and confidence fraud?
Only compromised business email fraud is bigger that this type of online deception. The FBI describes it as a perpetrator deceiving a victim online into believing that they have âa trust relationship, whether family, friendly, or romanticâ.
After this the victim will be persuaded to send money, personal and financial information, or to launder money on behalf of the perpetrator.
âWhat does romance fraud look like?â read Elderâs article. âThe FBI cases read like the ultimate cautionary tales about not falling for smooth-talkers.
âA Houston woman sent $2 million to âCharlie,â her apparent online boyfriend, whom she came to trust over months of correspondence.
âAn Oregon man accepted money from his supposed online girlfriend and sent it to an account at her direction, not realizing he was laundering the money from other fraud victims.â
Would it surprise you to learn that these scams happen 50 times a day? âIf this sounds rare, it isnâtâ, continues Elderâs article.
âThe scams happened 18,493 times last year, the FBI reports â an average of more than 50 times a day. Identity theft happened 13% less often.
âVictims are predominantly older widowed or divorced women, the FBI says. Their supposed princes are often criminals who are computer literate and educated.
âUsing social media and dating site profiles for background information, the con artists get close to their marks online through discussing hobbies and pursuits they supposedly have in common.â
How can you prevent romance and confidence fraud?
You will always be advised to contact your relevant law enforcement. However, the FBI has also shared common warning signs that those looking for love online should watch out for.
They include:
- Someone online professes love quickly and tries to isolate you from friends and family.
- An online connection presses you to leave a dating website where you met to communicate solely through email or instant messaging.
- Someone claims to be working and living far away â whether thatâs on the other side of the country or overseas.
- A connection sends you a photo that looks like a glamour shot out of a magazine.
- Someone asks for money or your help moving money.
- A connection makes plans to visit you, but then always must cancel because of some emergency.
Avastâs article also contains an interview with Special Agent Christine Beining, a veteran financial fraud investigator in the FBIâs Tampa, Fla., division. Itâs well worth checking out; to read the full article click here.
Meanwhile, Avastâs Jas Dhaliwal has explained how a secure browser and anti-tracking solution can also help to protect you. Further information about Avastâs products can be found right here on FileHippo.com.
Also – stay tuned to the FileHippo News Blog where we will keep you updated about the latest cyber threats that you need to know about!