As hearts open this Valentine’s Day, so do opportunities for scammers and fraudsters looking to cash in on love.

• Scammers prey on vulnerability, using romance to manipulate victims into financial and personal loss.
• Social engineering tactics make online fraud harder to detect, with scammers creating fake profiles and emotional connections.
• Never send money, compromising pictures or personal details, such as login details, ID numbers, account numbers, or passwords to people you meet online.
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While romance and connection are at the center of the Valentine’s Day celebration, cyber-criminals are working behind the scenes, preying on vulnerable individuals and turning affection into financial and emotional devastation.

February is the month of love, but this does not mean that romance scammers stop scamming for Valentine’s Day. They pretend to love you, but they really only love your money, and they want lots of it. No matter how you plan to spend Valentine’s Day, it’s important to recognise the warning signs of romance scams – and find out quickly if you should be walking away from potential love interests or friendships.

Modern dating scams rely on advanced manipulation techniques such as vishing, phishing, and malicious links sent via chat platforms. According to Advocate Athaly Khan, Head of Fraud Risk Management at Standard Bank, these tactics are designed to trick victims into disclosing sensitive information or sending money.

Scammers typically initiate contact by expressing romantic interest, gradually fabricating urgent financial or personal crises to exploit their victims. The consequences extend beyond financial loss, leading to emotional distress and lasting trust issues.

Once personal details – such as a phone number – are shared, fraudsters employ various techniques to extract financial information:
• Vishing: Using phone calls or voice messages to manipulate victims into revealing banking details.
• Phishing: Sending deceptive emails disguised as legitimate messages to steal sensitive data.
• Malware: Embedding malicious software in links, granting unauthorized access to personal devices.

The Southern African Fraud Prevention Service (SAFPS) warns that social engineering is at the heart of these scams.

Technology is playing an increased role in the majority of reported fraud instances. Social engineering is becoming a reality of everyday life, and the public needs to be aware of this growing threat.

// Head of Product Development at SAFPS, Nazia Karrim

International reports indicate that up to 3% of Europe’s general population has fallen victim to romance scams. Finnish police data from 2020 recorded 210 scams totalling €6.1-million, which rose to €10.4-million in 2023, reflecting a global trend. The scam typically begins on social media or dating apps, where fraudsters quickly become deeply involved in their victims’ lives while avoiding in-person contact.

Red flags include:
• Evasiveness about meeting in real life.
• Excessive interest in personal details like anniversaries and children’s names.
• Promises of too-good-to-be-true investment opportunities.
• Advance fee requests for supposed business ventures or urgent financial needs.

Luno, a South African cryptocurrency platform, warns that romance scams involve building an emotional connection with victims over time and using this false trust to convince them to part with their money.

These scams often begin with a fraud perpetrator creating a fake profile that portrays a life of luxury. The scammer then establishes communication, frequently bombarding victims with messages of affection and understanding.

// Luno South Africa Country Manager, Christo de Wit

Scammers are skilled in emotional manipulation, preying on the need for human connection. They might send frequent messages, voice notes, or even make phone calls, gradually creating a sense of intimacy and trust before they convince victims to send them money.

With crypto-related romance scams, the scammer’s goal is to subtly introduce cryptocurrency into the conversation, often portraying themselves as wealthy crypto traders. With carefully crafted narratives, they lead victims to believe that investing in crypto is an expression of their love and commitment.

// Luno South Africa Country Manager, Christo de Wit

Luno has several controls in place to identify and act on fraudulent accounts. Despite the high number of scams in the financial industry, Luno acts swiftly to combat these scams.

Although we continuously partner with banks and other industry players, customers should be extra cautious when sending crypto to another person, as crypto transactions are not reversible. The response time is key in these attempts, and the money usually has already been sent to another bank or platform. We continuously collaborate with authorities and we report fraudulent accounts daily to try and have them removed from social media or take down fictitious websites.

// Luno South Africa Country Manager, Christo de Wit

Christo says red flags should start flashing when the relationship moves fast. If someone professes their love very early on, it’s a sign to be cautious. Watch out if you are lured off a dating site to instant messaging or social media early on and the other person prefers chatting instead of video calling, claiming phone or laptop issues. Many romance scams start with unexpected private messages on social media platforms, not just dating sites.

The scammer also promises to visit and then cancels at the last minute due to an emergency. In addition, he or she will ask you to send money until their investments pay out, instruct you to use specific payment methods such as wire transfers or crypto, persistently offer to help you buy and trade crypto, ask you to share personal information, and even ask you to commit financial fraud on their behalf.

// Luno South Africa Country Manager, Christo de Wit

How to Avoid Falling Victim to a Romance Scammer

• If you meet someone online, set up a video call early on and communicate via video call regularly. Do not believe them if they say they can’t do this.
• Don’t be fooled by jargon designed to make you think the person has some unique knowledge or ability related to crypto or finances. Many people are still learning about money in general, and scammers are taking advantage.
• Look carefully at the person’s presence on the internet. Try a reverse image search of profile pictures. If the details don’t match up, it’s most probably a scam.
• If it feels suspicious, stop communications immediately by blocking the person on all your social media platforms.

It’s Valentine’s Day – remain vigilant. Love may be in the air, but so are scammers. Before trusting a virtual admirer, verify their identity, stay cautious with personal information, and report suspicious activity. In the end, real love should never come with a price tag.

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