With Valentine’s Day approaching, consider this: According to the Federal Trade Commission, for three years running, people have reported losing more money on romance scams than on any other fraud type.
Last year, reported losses to romance scams reached a record $304 million, up about 50% from 2019.
For an individual, that meant a median dollar loss of $2,500.
From 2016 to 2020, reported total dollar losses increased more than fourfold, and the number of reports nearly tripled.
While many people report losing money on romance scams that start on dating apps, even more say they were targeted on social media.
Reports of money lost on romance scams for people aged 20 to 29 saw the largest increase, with the number of reports more than doubling since 2019.
People ages 40 to 69 were once again the most likely to report losing money to romance scams.
And people 70 and older reported the highest individual median losses at $9,475.