Dating or Deception? Attorney General Alan Wilson warns South Carolinians to protect themselves against romance scams

(Columbia, S.C.) – With Valentine’s Day approaching, Attorney General Alan Wilson warns South Carolinians to be vigilant and aware of fraudsters attempting to swindle them by pretending to be interested in a relationship when, in reality, they just want their money. 

Organized crime has a new way to raise money: romance scams. Romance scams occur when criminals and fraudsters use a fake online identity to reach out to another person with the goal of establishing a relationship. Romance scammers target people looking for love on dating apps and social media. But the relationship, while generally romantic, doesn’t have to be. The criminals establishing the relationships are experts at what they do and seem genuine, caring, and believable. They provide companionship to their targets through texts, messages, and, sometimes, phone calls. They also, at first, have a ready ear to listen, appear to have interests similar to the victims, and provide what they say are photos of themselves, their family, things they’ve bought, and meals they’ve enjoyed.

However, when meeting people online, all may not be what it seems. While the victim’s intent is love or companionship, the scammer’s intent is to establish a relationship as quickly as possible so he can gain the victim’s trust—and access to the victim’s money. Establishing such a relationship is easier than you may think: close to $1 billion in losses was reported as a result of romance and similar scams in 2021 alone based on complaints received by the FBI’s Internet Crime Complaint Center. When someone is seeking companionship and they meet someone who appears to be like-minded, attractive, caring and who gives them no reason to question their true identity, they usually won’t. Unfortunately, they should.

“Many romance schemes are perpetrated by criminals who use staged photos and social engineering to tell victims what they want to hear,” says Attorney General Alan Wilson. “Often, when we hear what we want to hear from someone that seems to care about us, we trust that person, and we don’t look behind the story, but we have to be more vigilant when we meet people online because it is very difficult or impossible to figure out what is going on behind the scenes.”

Because organized crime is often involved, there are different people playing different roles. There can be one main romantic interest who can “save” the victim from the blackmailing of another person, who can “help” when the victim’s funds go missing, or who just seems to care about and enjoy talking to a lonely victim. Once hooked, there is often nothing law enforcement can do to get the victim’s money back.

The best way to keep from falling victim to such a scheme is to ignore any unsolicited texts, emails, or social media contacts. “By merely responding to an unknown sender of a message, you place yourself at risk. When organized crime is running a scheme and using social engineering to overcome objections and has different people all working to present to you a perfect image of exactly what you want, merely responding to their initial outreach places you at risk of later becoming a victim,” said Attorney General Wilson.

You can also protect yourself by following these steps:

• Keep your guard up. If a new romantic interest suddenly starts asking for money or encourages you to start investing, be cautious.
• Run a background check. Do online searches to get a better idea of who the person you are dealing with is and what they do. Fake online profiles tend to lack information about an individual, and the images used in an activity feed may feel impersonal or staged. Scammers often use stolen images from real people or stock images, so it’s good to do online image searches to check the origin and use of the image.
• Check registration. Firms that provide investment advisory services in the U.S. are typically registered at the federal or state regulator. Check the SEC’s Investment Adviser Public Disclosure database or FINRA’s BrokerCheck to verify registered individuals or firms.
• Suggest meeting in person or by a clear video feed. Try to meet in-person in a safe, busy public place, and bring a friend or family member with you.
• Research websites and apps. Scammers can easily create a custom online platform and direct you to the website in order to take your money and hide from authorities. If a person encourages you to invest and recommends an investing website or app, make sure it is registered to do business in your state before investing. Do business directly with the registered platform, don’t allow someone to act as an intermediary.
• Look for red flags. Promises of high returns with low risks, or a guaranteed return in a short time period are red flags of investment fraud.

Be careful when you meet new people online, especially when you are looking for romance. Seeking a romantic partner is a complex and emotional experience at the best of times, so it’s a good idea not to mix business with romance. Don’t get swept away—make sure you are in a relationship with a real person who cares about you before even considering sharing financial information, making an investment, or loaning a person money. Also, reach out to your local state securities regulator before making any investment or if you ever suspect fraud may be involved.

The Securities Division can be reached by calling 803-734-9916 or by email to [email protected]. Investors can submit a complaint or learn more about the Securities Division by visiting the Attorney General’s Office website at https://www.scag.gov/inside-the-office/legal-services-division/securities/