Quote:Romance scams remain the most successful fraud strategy for cybercrooks, and represents a growing sector, according to the Federal Trade Commission. Last year, romance schemes accounted for a record $304 million raked into illicit coffers, according to new data – up about 50 percent from 2019.
These gambits typically start with a an online connection that turns into daily communications; the scammer hones a relationship with the target from afar before eventually asking for money. A besotted target then sends funds in the form of a gift card (this payment type was up 80 percent in 2020, the FTC found) or a wire transfer.
“Sooner or later, these scammers always ask for money,” the FTC said in a notice last week. “They might say it’s for a phone card to keep chatting. Or they might claim it’s for a medical emergency, with COVID-19 often sprinkled into their tales of woe. The stories are endless, and can create a sense of urgency that pushes people to send money over and over again.”
Romance scams have flourished during the COVID-19 pandemic, thanks to a widening pool of targets, the FTC said. More people are turning to virtual ways of connecting, and are using social media and online dating apps more.
“Scammers fabricate attractive online profiles to draw people in, often lifting pictures from the web and using made up names,” according to the FTC. “Some go a step further and assume the identities of real people. Once they make online contact, they make up reasons not to meet in person. The pandemic has both made that easier and inspired new twists to their stories, with many people reporting that their so-called suitor claimed to be unable to travel because of the pandemic. Some scammers have reportedly even canceled first date plans due to a supposed positive COVID-19 test.”
Read more: https://threatpost.com/cybercrooks-304m-...ms/163972/
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