Senior Romance Scams Have Evolved

Add To Library

During the first year of the pandemic, isolation and loneliness hit hard, especially for people living alone. Fraudsters noticed, and romance scams surged. In the United States, losses reported to the Federal Trade Commission jumped from $84 million (2019) to $138 million (2020).

That spike never really went away. What has changed since our original 2021 article is the sophistication, the scale and how often “romance” is used as the on ramp to much bigger financial fraud.

What’s changed since 2021

The dollar losses are still brutal

Romance scams remain among the most financially devastating scams because scammers build trust first, then apply pressure.

• In 2022, nearly 70,000 people reported a romance scam to the FTC, with reported losses hitting $1.3 billion.
• In 2023, the FTC reported romance scam losses of $1.14 billion, with a median reported loss of $2,000.
• In the FBI’s 2024 reporting, people over 60 reported over $389 million lost to confidence and romance scams.

And it’s not just a US story. In Canada, reported fraud losses overall remain huge. The Canadian Anti-Fraud Centre reported over $638 million in fraud losses in 2024, with significant underreporting suspected.

Romance scams now blend into investment scams

A common pattern now is romance plus “investment coaching”, often involving crypto, foreign exchange, or fake trading platforms. Canadian fraud alerts have specifically warned about this blended romance and investment approach, sometimes called “pig butchering.”

Scammers are using AI to look and sound real

This is the part that makes a lot of people say, “But they looked legit.”

• The CAFC has warned about an increase in fraud using deepfake videos, often impersonating trusted public figures.
• The Federal Bureau of Investigation has also warned that criminals are using AI to create convincing voice or video messages to enable fraud.
• The FTC has cautioned that voice cloning can make urgent money requests feel heartbreakingly believable.

How the scam usually works

Romance scammers don’t start with money. They start with connection.

1. They meet you online (dating apps, Facebook, Instagram, WhatsApp, even LinkedIn).
2. They build trust quickly, often with daily messaging, “good morning” routines, and intense emotional bonding.
3. They avoid meeting in person, using excuses like travel, military service, offshore work, illness, or family emergencies.
4. They create a money crisis, or propose a “can’t miss” investment opportunity, or both.
5. They push the payment method that’s hardest to reverse, like wire transfers, crypto, gift cards, or bank transfers.

Red flags to watch for

If you spot one, pause. If you spot two or more, treat it as a serious warning.

• They profess strong feelings fast, or talk about fate, soulmates, and urgency early on
• They will not video chat, or video chat quality is odd, inconsistent, or full of excuses
• They ask you to move the conversation off the app quickly (to text, WhatsApp, Telegram, Signal)
• Their stories are dramatic and ever changing
• They ask for money for travel, medical bills, customs fees, legal trouble, or “unlocking” funds
• They suggest crypto or a “mentor” who can help you invest
• They try to isolate you from friends or family, or encourage secrecy

How to protect yourself, without giving up on love

• Don’t send money to someone you have only met online or by phone, no matter how convincing the story is.
• Keep chats on the platform as long as possible. It helps with reporting and creates a record.
• Verify, then verify again. Ask for a live video call and request a specific action (for example, “Hold today’s newspaper and wave”). It’s not foolproof, but it creates friction for scammers.
• Do a quick search of their photos and key phrases from their messages. Romance scammers reuse scripts.
• Tell a trusted person early. A second set of eyes is one of the best protections against manipulation.

If you are a caregiver or family member: consider having a gentle, judgement free plan in place, like “If anyone asks you for money online, we pause 24 hours and talk first.”

If you think you’re involved in a romance scam

1. Stop contact immediately. Do not negotiate or try to “get closure.”
2. Do not send more money to “recover” money. Recovery scams are common.
3. Save everything (messages, usernames, phone numbers, transaction details, screenshots).
4. Report it:
   • Canada: report to the Canadian Anti-Fraud Centre
   • US: report to the FTC and the FBI’s Internet Crime Complaint Center
5. Talk to your financial institution right away. Even if funds cannot be recovered, they can help prevent further losses.

A final word

Romance scams work because they target something human: our need for connection. If this has happened to you or someone you love, it is not a sign of being foolish. It is a sign that someone deliberately manipulated trust.

Add To Library