Beware of Romance Scams Targeting Elderly Individuals: Protecting Yourself and Your Loved Ones
Romance scams are unfortunately common, and older adults are often prime targets. Fraudsters exploit loneliness and trust to trick people into believing they’ve found love, only to later reveal their true intention: to steal money. At Lion’s Share Credit Union, we want our members to be aware of these scams and stay vigilant in identifying warning signs to protect themselves and those they care about.
Understanding Elderly Romance Scams
Romance scams generally begin with fraudsters reaching out through social media, dating sites, or even email, posing as a potential romantic interest. These scammers create fake profiles and spend weeks—or even months—building trust before requesting money under various pretenses.
Warning Signs of a Romance Scam
If you’re getting to know someone online or suspect a friend or loved one is involved with a scammer, be on the lookout for these red flags:
- Requesting Financial Assistance Early On: The scammer may claim they’re in a financial bind due to an “emergency” or need help to “come visit” or “complete a project.” They often ask for help in unconventional ways, such as gift cards, wire transfers, or preloaded debit cards, all of which are hard to trace and retrieve.
- Moving Quickly in the Relationship: Scammers are known for rushing their victims into emotional commitments, declaring love unusually fast. They might talk about marriage or suggest making future plans despite having never met in person.
- Avoiding In-Person Meetings: Fraudsters often claim they live or work abroad, making face-to-face interaction difficult. They might also make excuses to avoid video calls or provide unclear, blurry photos to “prove” their identity.
- Too Good to Be True Stories: Scammers tend to create grandiose stories about their careers or wealth, often posing as successful professionals, business owners, or even military personnel. If their story sounds implausible, it probably is.
- Inconsistencies and Evasiveness: When asked detailed questions, scammers often deflect or get defensive, changing details or avoiding direct answers. Pay attention to these inconsistencies.
What to Do If You Suspect a Romance Scam
If you recognize any of these warning signs, it’s crucial to take action. Here’s what to do if you believe you’re dealing with a romance scammer:
- Cease Communication: Immediately stop communicating with the individual. Avoid sharing any personal or financial information and block their account on any platform you’re using.
- Report the Account: Report the person’s profile to the dating or social media platform you met them on. Most sites take these issues seriously and will investigate accounts flagged for suspicious activity.
- Alert Your Financial Institution: If you have already shared any financial information or sent money, reach out to Lion’s Share Credit Union or your primary financial institution immediately. While recovery can be challenging, we can help protect your accounts from further attempts.
- Contact Authorities: Reporting the scam to your local authorities or the Federal Trade Commission (FTC) can help track down and prevent similar cases in the future.
Helping a Friend or Loved One Who Might Be Targeted
If you suspect someone close to you is being drawn into a romance scam, approach the situation with compassion and care. Here are steps to take:
- Start a Conversation: Gently express your concerns, emphasizing that you’re only looking out for their well-being. Sometimes, victims don’t realize they’re being scammed because they’re emotionally invested in the relationship.
- Point Out the Warning Signs: Share the red flags above and encourage them to think critically about the relationship. Mention that scammers can be very convincing and often use manipulative tactics to appear genuine.
- Suggest They Stop Sending Money: Explain that real relationships don’t require financial transactions. Encourage them to stop sending any more money and to block the individual’s contact information.
- Encourage Reporting: If they’re open to it, assist them in reporting the scam to authorities and the platform where they met the person.
- Offer Emotional Support: Romance scams can be emotionally distressing. Being scammed often brings about feelings of shame and embarrassment. Offer reassurance and understanding to help them move forward.
We’re Here to Help
At Lion’s Share Credit Union, protecting your finances and your peace of mind is our priority. If you suspect a scam, don’t hesitate to contact us for advice or assistance. Remember, you’re not alone, and there are steps you can take to protect yourself and your loved ones from romance scams.
By staying informed and vigilant, you can help safeguard yourself and others against these deceitful schemes.