Ron Long, head of aging client services for U.S. Victims’ median losses increased with age with people 70 and older reporting the highest individual median losses at $9,000, compared to $750 for the 18 to 29 age group, according to the FTC. The FTC report noted the fastest-growing group of victims of romance fraud falls in the 18 to 29 age group, which expanded tenfold from 2017 to 2021, but older daters are suffering the biggest financial losses. Reports of unexpected private messages on social media platforms are common and, according to FTC data, more than a third of people who said they lost money to an online romance scam in 2021 said it began on Facebook or Instagram. While most victims of romance swindles report having first been contacted via a dating app platform, the FTC says you don’t have to be looking for love to be courted by a scammer. Utah man headed to prison for targeting 80-year-old widow in ‘romance fraud’ case.How older people can guard against fraud, financial exploitation.One tell-tale of a possible fraudster is the details they share about themselves will always include built-in reasons for not being able to meet in person, the FTC reported, which may include a handy excuse like saying they are in overseas military service or working on an offshore oil rig. They may also study information their targets have posted online and then pretend to have common interests. The FTC says romance scammers are masters of disguise who create fake online profiles with attractive photos swiped from the web and sometimes even assume the identities of real people. The median individual reported loss in 2021 was $2,400. In 2021 alone, losses hit a record $547 million, six times more than the reported losses in 2017 and a nearly 80% increase compared to 2020 according to FTC data.

And, the numbers have skyrocketed in recent years. In the past five years, people have reported losing a staggering $1.3 billion to romance scams, more than any other FTC fraud category. The Federal Trade Commission report released Thursday notes online dating apps and platforms “can be a great way to find lasting love” but are also a prime hunting ground for grifters.

As the Netflix megahit documentary “Tinder Swindler” continues to draw millions of viewers around the world, new federal data shows online romance scams are growing at a record clip and led to bilking would-be lovers out of more than $500 million just last year.

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