Romance scams hit $18.5 million in 2020

It’s Valentine’s Day and if you’re looking for love, using various online dating platforms, there’s one scam you should be aware of – romance scams. In 2020, the Canadian Anti-Fraud Centre recorded record high losses to romance scams in the amount of $18.5 million.

What is a romance scam? A romance scam involves any individual with false romantic intentions toward a victim in order to gain their trust and affection for the purpose of obtaining money or access to bank accounts and credit cards. In some cases the suspect will even attempt to get the victim to commit fraud on their behalf, as a mule (accepting, then transferring money or goods) often unknowingly. Most romance scams begin via social media or online dating platforms.

How do you protect yourself or a loved one against romance scams? We’ve prepared some tips using some classic Valentine’s Day movie titles:

• Jerry Maguire (“You had me at hello”): Be suspicious when someone you haven’t met in person professes their love to you. Ask yourself – would someone I’ve never met really declare their love after only a few emails?
• You’ve got Mail: Be wary when someone you meet on a social or dating platform wants to quickly move to a private mode of communication (email, text).
• Never been Kissed: If trying to set up an in-person meeting, be suspicious if they always have an excuse not to meet. If you do actually set up a meeting – tell family and friends when and where you’re going and meet in a local, public place.
• Clueless: Do not share personal (birthdate, address) or financial information with anyone you’ve only just met online or in person.
• Dear John: Be cautious when conversing with an individual that claims to live close to you but is working overseas.
• Catfish: Never send intimate photos or video of yourself. The scammer may try to use these to blackmail you into sending money.
• War Dogs: Should you be asked to accept money (e-transfer, cheque) or goods (usually electronics) for you to transfer/send elsewhere, do not accept to do so. This is usually a form of money laundering which is a criminal offense.
• 2 Fast 2 Furious: If you suspect a loved one may be a victim of a romance scam, explain the concerns and risks to them and help them get out of the situation.

*Okay, the last three might not exactly be classified as Valentine’s Day movies – we just wanted to make sure you were paying attention. 

How we’re protecting you.

Integris maintains an internal Risk Management department that reviews suspicious or possibly fraudulent transactions regularly. Our staff are fully trained and will ask questions about transaction details in order to protect you from fraud – fraud is becoming increasingly more prevalent especially given the amount of information people share online and we want your banking to remain uncompromised.

What to do if you’re a victim of a romance scam.

If you’ve shared banking information, or accepted money / sent money to a possible scammer, alert your financial institution immediately. Gather all information pertaining to the situation, including the scammers profile name, how you made contact, social media screenshots, emails, and contact the RCMP. You can also file a report with the Canadian Anti-Fraud Centre by calling 1-888-495-8501 or online at www.antifraudcentre.ca. Be sure to notify the dating website or social media platform where you met the scammer as these individuals usually have several accounts set up to scam victims with the romance scam.