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FBI Warns Of The High Cost Of Romance Scams; Bay Area Residents Lost More Than $64 Million In 2021

February 11, 2022 / 8:00 PM PST / CBS San Francisco

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SAN FRANCISCO (CBS SF) -- As the San Francisco Bay Area heads into Valentine's Day Weekend, the FBI is warning local residents to be on the alert for scams that will not only break your heart but rip-off your pocketbook.

According to the FBI's Internet Crime Complaint Center, victims within the FBI San Francisco division's territory lost more than $64 million to romance scams in 2021 compared to just over $35 million in 2020.

The center received 742 complaints within the Northern District of California in 2021 compared to 720 in 2020 and 526 in 2019. Romance scam victims were reported in every county except one last year.

The county with the highest victim reporting and dollar amount loss was Santa Clara County, followed by San Francisco County and Alameda County.

"While these schemes affect victims from all demographics, older adults are the most targeted group," the FBI said in a news release. "Last year, the age group with the highest victim reports within our region was 60 years and older, with a victim count of 193 and a dollar amount loss of over $18 million."

According to the agency, romance scams occur when a criminal adopts a fake online identity to gain a victim's affection and trust. The scammer then uses the illusion of a romantic or close relationship to manipulate and/or steal from the victim.

"The criminals who carry out romance scams are experts at what they do and will seem genuine, caring, and believable," the agency said on its website. "Con artists are present on most dating and social media sites."

The issue has received new attention following release of the Netflix hit documentary "The Tinder Swindler," which chronicles the story of a man who allegedly conned women out of hundreds of thousands of dollars by convincing them he was a wealthy businessman being hunted by shadowy enemies.

CNET senior writer Bree Fowler says some victims have been swindled out of their entire life savings.

"They've been taken for thousands of dollars sometimes. These people are looking to con just unsuspecting people out of whatever money they can get. I think a lot of people know when they're contacted by someone randomly online that they need to be careful but, you know, when it comes to legitimate dating apps you're basically doing the same thing. You're just hoping that that person is really a local and that they're real and that they're not just an old-fashioned creep."

Investigators said they have seen a rising trend in which romance scammers are persuading individuals to send money to invest or trade cryptocurrency. After gaining the confidence and trust of the victim, the scammer then directs the victim to a fraudulent website or application for an investment opportunity.

After the victim has invested an initial amount on the platform and sees an alleged profit, the scammers allow the victim to withdraw a small amount of money. Eventually, the scammer instructs the victim to invest a more considerable amount. When the victim is ready to withdraw funds again, the scammers create reasons why this cannot happen.

Tips for Avoiding Romance Scams:

Be careful what you post and make public online. Scammers can use details shared on social media and dating sites to better understand and target you.
Research the person's photo and profile using online searches to see if the image, name, or details have been used elsewhere.
Go slowly and ask lots of questions.
Beware if the individual seems too perfect or quickly asks you to leave a dating service or social media site to communicate directly.
Beware if the individual attempts to isolate you from friends and family or requests inappropriate photos or financial information that could later be used to extort you.
Beware if the individual promises to meet in person but then always comes up with an excuse why he or she can't. If you haven't met the person after a few months, for whatever reason, you have good reason to be suspicious.
Never send money to anyone you have only communicated with online or by phone.