Protect Yourself from Romance Scams

Valentine’s day is a time to celebrate love but unfortunately fraudsters are lurking to take advantage of people looking to find a connection.

Romance scams are sadly on the rise, and they can be both emotionally and financially devastating.   According to the FTC (Federal Trade Commission) in 2023 over 64,000 people reported being scammed with losses totaling over a billion dollars.  At Eureka we want to help you stay informed and protected, here’s what you need to know to help safeguard yourself:

What is a romance scam?

A romance scam occurs when a scammer pretends to be interested in a romantic relationship with someone in order to build trust so that they can ultimately exploit their victim financially.  Scammers will often create fake profiles on dating apps or social media to lure people in.  Often older people are targeted, the average age of romance scam victims is 47.

How do romance scams work?

Scammers will usually follow a pattern, first they create an attractive personality, crafting stolen photos and fake details to make a believable identity.  Next, they work hard to build a bond and gain your trust through frequent, emotionally charged conversations.  Finally, once trust has been established, they will claim to need some sort of financial help, perhaps for a medical emergency or travel. 

Watch out for:

Love at first chat:  They express deep feelings quickly or seem very eager to build a serious relationship very soon.

Excuses for not meeting:  Scammers will avoid in person or video interactions, if there’s an excuse every time – this is NOT believable.  Often the scammer claims to be working overseas to explain why they can’t meet in real life.

Money or gift card requests:  Do not send money or gift cards to someone you’ve never met.  Just don’t, if in doubt talk to someone you know AND trust in real life, a family member for example or come in and talk to one of our experienced team members.  Always use caution.

What to do if you think are being scammed?

• Stop all communication immediately and block the scammer on all media
• Report the scam with the Federal Trade Commission or local law enforcement
• Contact us here at Eureka – notify us so we can help secure your accounts.

At Eureka we are committed to your financial security and well being.  If you have concerns or need advice, please reach out.  This Valentine’s Day celebrate love safely by being informed and vigilant.  True connections are built on trust, not deception!