COLUMBUS, Ohio – As Ohioans prepare for Valentine’s Day, the Ohio Department of Commerce Division of Securities is issuing a warning about the persistent presence of online romance scams.
These scams often occur on digital platforms like dating apps and social media where fraudsters take advantage of an individual’s search for companionship in an attempt to steal their personal information and finances.
According to the Federal Trade Commission, reported losses related to romance scams totaled $823 million in 2024.
Similarly, the Federal Bureau of Investigation’s Internet Crime Complaint Center received over 17,800 complaints related to online romance fraud in 2023, with reported losses exceeding $652 million.
In Ohio, since Jan. 1, 2023, the Division has been involved in eight cases involving an alleged romance-related solicitation.
“I can’t think of anything riskier in the markets today than investing with your heart online. We need to keep our online relationships personal and our money professional,” said Ohio Securities Commissioner Andrea Seidt.
“These romance scammers have become incredibly sophisticated and the only way Ohioans can truly protect themselves today from these scams is to stop sending their money to offshore platforms and to run all online investing tips by a licensed investment professional located here in the United States.”
Scammers use apps and platforms to pose as a potential romantic partner and seek to gain the trust of individuals with whom they’ve engaged, who are often older individuals.
Once a certain level of trust has been established, sometimes over the course of weeks or even months, those scammers will exploit that trust to lure victims into unknowingly participating in fraudulent investment schemes that can empty their bank accounts, all while the scammer disappears.
Common warning signs of romance scams include:
–Reluctance to meet in person or via video — Scammers often avoid face-to-face contact or video calls as an attempt to hide their true identity.
–Long-distance relationship claims — Scammers might say they live far away or frequently travel as a way to discourage in-person visits.
–Exaggerated wealth or success — Fraudsters may boast about financial achievements, often using fake account screenshots, in an attempt to lure victims into “exclusive” investment schemes.
–Pressure to provide money or invest — After building trust, scammers may ask for financial help or introduce fraudulent investment opportunities, often using fabricated evidence of quick returns.
–Request to keep conversations secret — Fraudsters may ask individuals to not share details of their investment discussions with family and friends. If this occurs, this can be a red flag that the person on the other end might have bad intent.
The Division of Securities urges Ohioans to always remain cautious when interacting with new acquaintances online, especially if the discussion turns to investments or the request of money.
Ohioans can protect themselves by always following these simple rules:
-Don’t send your money to wallets that you do not control or offshore platforms unless you are willing to lose it. It is difficult, if not impossible, to get your money back once a scammer has control overseas.
-Research who you’re interacting with online, including reverse image searches to see if the profile photo being used appears anywhere else and is connected to another individual.
-Meet new online friends in person at a public place to confirm they are who they say they are. Sadly, email, phone, and even video chats are no longer reliable ways to confirm identity because sophisticated scammers have technology that allows them to “deep fake” their image and their voice to impersonate anyone, even you.
-Avoid transferring funds via unregulated apps or platforms based on tips or instructions provided by someone you’ve met online. The only person you should listen to is a licensed investment professional.
-Check the background of every person promoting online investments, including those who may falsely claim they are licensed, by using free resources like the SEC’s Investment Adviser Public Disclosure database or FINRA’s BrokerCheck. If your online friend isn’t licensed, talk to someone who is.
-Be wary of guarantees about “low- or no-risk” investments and screenshots showing outlandish returns. Those terms are a common hallmarks of fraud and almost everything can be faked today.
If you suspect you’ve been targeted by a romance scam or investment fraud, contact the Division’s Investor Protection Hotline at 1-877-683-7841 or email sgeneral@com.ohio.gov.
The Ohio Department of Commerce also offers an online resource outlining tactics commonly used in these scams, as well as actionable steps to protect yourself and your finances.