Protect Yourself from Romance Scams

Online dating and social networking can be great ways to connect, but unfortunately, scammers use these platforms to trick people into sending money. Instead of finding love, many fall victim to fraud.

Learn how to spot the warning signs and protect yourself from romance scams.

What Is a Romance Scam?

Romance scammers create fake profiles on dating apps and social media to build trust and form relationships—only to manipulate victims into sending money. They often claim to be working overseas, in the military, or on an oil rig, making it difficult to meet in person. Then, they ask for money for emergencies, travel expenses, or even investment opportunities.

Scammers use emotional tactics to pressure victims into sending money quickly through wire transfers, gift cards, money transfer apps, or cryptocurrency—methods that are hard to trace or recover.

In 2023 alone, victims reported $697.3 million* in losses to romance scams, with gift cards and cryptocurrency being the most common payment methods.

The Lies Romance Scammers Tell

• “I can’t meet in person because I’m overseas.”
• “I need help covering medical expenses or travel costs.”
• “I can help you make money through cryptocurrency.”
• “Send me money through gift cards, wire transfers, or cryptocurrency.”

Scammers create urgency to make you act fast—but remember, real love doesn’t come with a price tag.

How to Avoid Losing Money to a Romance Scammer

• Never send money or gifts to someone you haven’t met in person.
• Stop communicating immediately if you suspect a scam.
• Talk to a trusted friend or family member about your concerns.
• Do a reverse image search of their profile picture to check for inconsistencies.
• Search their job title plus “scam” online—others may have reported similar stories.

Online Banking Scams

Another version of this scam tricks victims into sharing their online banking login details. The scammer then logs into the victim’s account and uses bank transfer features to pull money from other accounts into the victim’s account. They may also deposit fake checks using mobile deposit. The scammer then tells the victim to send the money to them using Western Union or MoneyGram. Later, the transfers are flagged as unauthorized—sometimes up to 60 days later—and the checks bounce, leaving the victim responsible for the lost funds.

How to Report a Romance Scam

• If you’ve sent money, contact your bank, gift card company, or payment provider right away to try to recover your funds.
• Report scams to the FTC at ReportFraud.ftc.gov and notify the app or website where you met the scammer.

At Universal 1 Credit Union, we’re committed to protecting our members from fraud. Stay informed, stay cautious, and never send money to someone you haven’t met in person. For more tips on protecting yourself from scams, visit U1’s Online Security & Fraud Protection resources.

This information is for informational purposes only and is intended to provide general guidance and does not constitute legal, tax, or financial advice. Each person’s circumstances are different and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and/or legal counsel to discuss your specific needs before making any financial or other commitments regarding the matters related to your condition are made. 

* Paul Bischoff: Tech Writer, Privacy Advocate and VPN Expert "Nearly 59,000 Americans lost $697.3 million to romance scams", Comparitech:, https://bit.ly/3F9Hnqv Updated: February 12, 2025 Accessed: 03/12/2025