Research Finds 10% of Romance Scams with Victims Losing Over $10,000

Malwarebytes has unveiled new research exposing the widespread occurrence and financial toll of romance scams, also referred to as confidence fraud, dating, or pig butchering scams. The survey shows over 66% of respondents have been targeted by these scams, with 10% of victims losing more than $10,000, and 3% losing $100,000 or more. Alarmingly, 94% of those who lost money were unable to recover it, underscoring the critical need for heightened awareness and stronger protections.

Malwarebytes released new research revealing the alarming prevalence and financial impact of romance scams, also known as confidence fraud, dating or pig butchering scams. According to the survey, more than 66% of respondents have been targeted by romance scams with 10% of victims losing more than $10,000 and a shocking 3% parting with $100,000 or more. With 94% of those that lost money unable to recover it, the results highlight the urgent need for increased awareness and protective measures.

“Romance and dating scams are run by sophisticated cybercriminals who know what they’re doing. They conduct research, follow a playbook, and last year alone, these scams raked in over $650 million,” said David Ruiz, Senior Privacy Advocate, Malwarebytes. “Consumers need to be vigilant—stop and think before sending money, buying gift cards, or investing in cryptocurrency schemes from people they meet online. The more we can remove the stigma surrounding victims and provide education and resources, the faster we can minimize the devastating effects of these scams.”

Key Findings

Romance scams commonly target individuals on social media and online dating platforms to build trust over weeks and months. Individuals believe they are in a relationship and are tricked into sending money, personal and financial information, or items of value to the perpetrator or to launder money or items to assist the perpetrator. These types of scams have risen in prevalence over the past few years, driven by the loneliness epidemic and proliferation of digital platforms.

• Shifting targets: The demographics of romance scams remain largely the same, with the majority of targets over the age of 55 (74%) and male (56%). But younger demographics shouldn’t be overlooked—11% of victims were between the ages of 18 and 44, and 40% of targets were female.
• The long game: 26% of victims were engaged with the scammer for an extended period, with 12% communicating for several months and 5% entering relationships lasting a year or longer. These findings underscore the ongoing need for user education and heightened awareness.
• Stigma and shame: The survey revealed 40% of respondents never told anyone about their experience and only 11% took the step of reporting the scam to law enforcement or nonprofit organizations. Only 4% of victims sought help from a therapist or support group after their ordeal.
• Social media entry: 38% of scammers reached their victims via social media, followed by 31% via online dating profiles, 16% via email, and 11% via text. The rise of these entry points reflects how romance scammers are exploiting our increasingly digital lives.

How to Avoid Falling Prey to Romance Scams

• Keep personal information private: Limit the personal and financial information you share online, especially with new or unverified contacts. Use tools such as the Malwarebytes Personal Data Remover to minimize the amount of data accessible through search engine results, spam lists, and people search sites. This online personal data scanner will allow you to find out what sites are selling your information and get options on removing your details.
• Verify identities and sources: Exercise caution with unsolicited contacts, especially via social media, email or text message. Scammers often contact people “out of the blue.”
• Consult with a third party: If an investment opportunity seems promising, consult with a financial advisor or investment professional who can provide an objective opinion. Run any big financial requests from an online acquaintance by a trusted friend or family member for a gut check.
• Report suspicious activities: If you encounter something suspicious, report it to the appropriate authorities—local law enforcement or the FBI via its Internet Crime Complaint Center. Your action could prevent others from falling victim.

To read the blog, “Romance scams costlier than ever: 10 percent of victims lose $10,000 or more” and full survey results, visit the website here.

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Research Methodology:

Malwarebytes conducted a pulse survey of its newsletter readers between August 5 and 15, 2024, via the Alchemer Survey platform. In total, 850 people across the globe responded.