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Context:

February is mostly considered the month of love but there is also a growing concern regarding romance scams.

Details:

These scammers are fraudsters who manipulate people by creating fake profiles on dating apps, websites &  social media sites.

According to a Moody's report, India is one of the top 3 countries.  

Globally, The United States ranked 1st in these scams. And Nigeria ranked 2nd.

• India had additionally 12% of new romance scam profiles in 2024, following the United States (38%) & Nigeria (14%).
• The Moody’s report found that there was a 14% increase compared to 2023.
• A McAfee survey showed that 77% of Indians have come across fake profiles or AI-generated images on dating apps or social media.

What Are Romance Scams?

Romance scams happen when scammers create fake identities on dating apps or social media. After that they try to make emotional connections with people. Once they make connections and gain the victim's trust then they start asking for money, gifts, or personal details. 

What is  Love Bombing?

According to the FBI, scammers use fake identities to make the victim think that they are in a romantic or close relationship. And their purpose is only to manipulate them or steal money.

When did these scams increase ?

These scams started increasing more during the Covid-19 pandemic time.  Because  people were isolated & more vulnerable to emotional manipulation.

How Are Tech Companies Responding?

• Meta (Facebook, Instagram, WhatsApp):
  • Automated Systems: Metabis using automated tools to find & remove these  fake profiles.
  • Safety Notices on Facebook Messenger: Meta is sending warnings to users when they are talking to someone who can be a scammer.

Other Fraud Trends in Focus:

1. Fake Donation Schemes & Travel Scams.
2. Scammers use deepfake technology to create fake celebrities involving in the scheme. This promotes fraudulent investment schemes in areas for example cryptocurrency.
3. Scammers pretend to be tech support from trusted companies, banks, or government agencies. Then they claim that there is an issue with the victim’s device or account. And Then they ask for remote access to address the issue. When they get access, they steal personal information.
4. Job Scams: Fraudsters promise to victims that they will get high-paying remote jobs or overseas job opportunities.
5. These Scammers promote quick loans through loan apps & they promise simple easy approval but they charge high-interest rates or hidden fees.

Google’s Efforts:

Google has also  blocked 13.9 million attempts to install harmful apps & secured around 3.2 million devices. They have collaborated with the Indian Cyber ​​Crime Coordination Centre (I4C) to prevent financial fraud by sharing critical information.

Source: IE