No Love Lost: Protecting Members Against Romance Scams
With the season of love driving more people to dating apps and social media, fraudsters are taking advantage of heightened emotions and increased online activity.
Erin Ensminger, CrossState’s Compliance & Operations Officer, and Kevin King, Members 1st Federal Credit Union’s Vice President and IT Information Security Officer, break down the basics of romance scams and the role credit unions can play in helping to protect members.
What is a romance scam?
Kevin: A romance scam typically begins with a fake online profile designed to look real and appealing. Over time, the scammer builds trust with their victim, often communicating daily and moving conversations off dating apps and other public platforms. Once an emotional connection is established, a request for money typically follows. It may be framed as a medical emergency, a business need, or travel costs to finally meet in person.
Erin: Some common red flags that something may not be legitimate include:
- The person claims to live, work, or travel far away and avoids meeting in person or through video chat.
- They are in constant contact with you and quickly give lots of attention and affection.
- They convince you to keep the relationship a secret.
- They need cash, gift cards, or cryptocurrency fast due to an emergency and claim you are the only one who can help.
What makes these scams so dangerous?
Kevin: Romance scams can be particularly devastating because they don’t just affect finances—they also take an emotional toll. Victims are often targeted during vulnerable moments such as loneliness, grief, or major life transitions. Many victims hesitate to report what’s happening out of fear or embarrassment, which can unintentionally allow scammers to continue their efforts.
Erin: In addition, scammers are using technology such as AI to assist with communications or language translations and create fictitious photos or videos to share with victims or create fake profiles. This can make romance scams even more convincing.
How can credit unions help protect their members?
Erin: Primarily, credit unions should educate their members on romance scams to help raise awareness and teach them how to better protect themselves. Encourage them to always be cautious when communicating with someone online and avoid sending money, gift cards, or cryptocurrency to someone they have never met in person. And, of course, remind them that their credit union is always a reliable resource if they ever have concerns.
Kevin: To that point, frontline associates in branches and customer service can also be great at stopping fraud in its tracks. They may notice unusual transaction patterns, sudden wire requests, or members withdrawing large sums for suspicious reasons. These moments matter. A thoughtful question or an intentional pause can prompt a member to reconsider and seek advice.
What steps should members take if they think they or a loved one are being scammed?
Erin: If someone feels they may be a victim of a romance scam, they should immediately stop all communication with the person and reach out to their credit union or even the authorities for help. It is also important for consumers to keep their older loved ones in regular contact and stay on top of what is happening with them since they can be major targets for fraud.
Kevin: Our goal is always to make sure that members know they are not alone if something feels off. We consistently remind members that reaching out to us right away can make a real difference. The sooner a financial institution is informed and involved, the more options there may be to secure accounts, stop transactions, and prevent further losses. Even if a situation turns out to be nothing, asking early is always the right step.
Love may be in the air this time of year, but the key is to ensure that it is true. By raising awareness of romance scams and building trust with members, credit unions can play a vital role in helping them protect their finances and achieve greater peace of mind.