Heart with coins.
Romance scams hit a record high in losses in 2021.Getty Images
  • Experts are warning people to be wary of romance scammers this Valentine's Day.
  • Romance scammers use dating apps or social media to start relationships. Then, they ask for money.
  • In 2021, the FTC reported a record of $547 million in losses from romance scams.

While love is in the air this Valentine's Day, something sinister is also wafting about – romance scams. 

Scammers use a variety of deceptive tactics to earn your heart, and then solicit you for money. The scam has been staggeringly successful in recent years, according to the Federal Trade Commission. Individuals have lost $1.3 billion in the last five years, the agency said. And in 2021, some $547 million in losses were reported. 

Here are a few tricks that scammers frequently use and tell-tale signs you should be suspicious, according to the FTC: 

  • The scammer might make a fake online profile or assume someone else's identity on a dating site.
  • Scammers also reach out to victims through unsolicited messages on social media, such as Facebook and Instagram. 
  • Many scammers will find an excuse not to meet in person, such as claiming to live or work abroad.

According to the FTC, scammers will come up with compelling lies to convince a victim to transfer funds, such as claiming they need money for a health crisis or that they can't access their own money for some reason. They might ask for money through wire transfers or gift cards. 

FBI Supervisory Special Agent Keith Custer said in an educational video released by the bureau last week that over 25,000 romance scam complaints were filed last year.

"Victims at the end of a romance scam can feel manipulated. Families, marriages, relationships can be torn apart, and the toll of one of these scams can be devastating," Custer said. 

The FBI did not immediately respond to Insider's request for comment.

 

Scammers may also try to get a victim involved in bogus investments involving cryptocurrency or foreign exchange trading, the FTC warned. In 2021, $139 million worth of losses were paid in cryptocurrency. While the median loss overall for romance scams was $2,400, the median paid out in crypto was $9,770, the agency said. 

Every age has been targeted by romance scams, but people 70 and older have lost the most money, with the average median loss coming to $9,000. 

The FTC advises people to protect their money by remembering: 

  • Do not send money to strangers through wire transfers, gift cards, or cryptocurrency. 
  • Never send money to or accept investment advice from someone you have not met in person. 
  • If a dating profile is suspicious to you, do a reverse image search of the profile pictures to see if they are generic ones pulled from the internet. 
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