« Back to Blog

Guarding Your Heart… and Your Wallet: Understanding Romance Scams

In today’s digital age, the search for companionship often leads us to online platforms. While these spaces offer opportunities to connect, they also harbor risks, notably the rise of romance scams targeting vulnerable individuals. At UMe Credit Union, we’re committed to safeguarding our Burbank comm-U-nity by raising awareness about these deceptive practices and providing guidance on how to protect yourself and your loved ones. 

 

What Are Romance Scams? 

Romance scams happen when fraudsters create fake profiles on dating apps, social media, or other online platforms to gain trust and manipulate emotions—all with the intent of stealing money or personal information. 

 

Who’s at Risk? 

These scams can happen to anyone, but some groups are especially vulnerable: 

  • Seniors: Scammers target older adults due to perceived loneliness and access to retirement funds. 
  • People seeking companionship: Those looking for connection online may let emotions override skepticism, making them easy targets. 

 

Recognizing the Red Flags 

Being aware of common tactics used by scammers can help in identifying and avoiding potential threats: 

  • Fast “I love you’s”: Moving too quickly to establish trust. 
  • Asking for money: Fake emergencies or “investment opportunities.” 
  • No face-to-face: Excuses to avoid video calls or meeting up in person. 

 

The Real Cost of Romance Scams 

The emotional and financial toll is staggering. In 2021, individuals reported losses totaling $547 million due to these scams, marking an 80% increase from the previous year.  

Additionally, recent cases have involved sophisticated tactics, such as the use of deepfake technology, leading to substantial financial losses.  

 

Protecting Yourself and Loved Ones 

To safeguard against romance scams: 

  • Be skeptical: If it seems too good to be true, it probably is. 
  • Verify their identity: Use reverse image searches and fact-check their story. 
  • Talk to someone you trust: Friends and family can offer perspective. 
  • Report scams: Notify the FTC and the platform if you suspect fraud.
     

Stay Informed and Vigilant 

Awareness is the first line of defense against romance scams. By staying informed and exercising caution in online interactions, you can protect yourself and contribute to a safer online community. 

For more information on protecting yourself from scams, visit the Federal Trade Commission’s guide on What to Know About Romance Scams.  

 

UMe’s Commitment to Your Safety 

At UMe Credit Union, we prioritize the security and well-being of our members. Our team is here to provide support and resources to help you navigate financial decisions safely. If you have concerns about potential scams or need assistance, don’t hesitate to reach out to us, because U matter to Me (to all of us) at UMe. 

Disclaimer: U matter to Me (to all of us) at UMe — and that’s why we do our best to deliver helpful information on our blog. Please note the following: (1) UMe Credit Union works hard to make certain that the information we post here is as accurate as humanly possible. But as you know, information can change and evolve quickly. While we try to update the blog on a regular basis, the content of some older posts may not be correct or up-to-date. (2) Some destinations on the World Wide Web that we link you to will exist on external websites. UMe Credit Union does not officially endorse any connected sites, nor do/did we compensate or get compensated by any entities to be featured in our posts (unless otherwise noted). (3) Everyone’s situation is unique and we advise you to consult with our personal bankers or your finance, tax, or legal professional for advice individualized to you!