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Understanding and Preventing Romance Scams

At O1ne Mortgage, we care about your financial well-being. If you have any mortgage-related needs, please call us at 213-732-3074. In this article, we will discuss romance scams, how to identify them, and ways to protect yourself.

What Is a Romance Scam?

A romance scam occurs when a scammer pretends to be romantically interested in their victim to steal money or personal information. These fraudsters create fake identities to lure unsuspecting individuals. According to the Federal Trade Commission (FTC), romance scams have been on the rise, with nearly 70,000 reports in 2022 alone, resulting in $1.3 billion in losses. Seniors and the recently widowed are often targeted due to their perceived vulnerability and access to funds.

How to Spot Romance Scams

Romance scammers often use social media to find victims, creating fake profiles with attractive photos and appealing personas. Here are some common red flags:

• Requesting financial assistance: Scammers often fabricate sob stories to ask for money, such as needing funds for medical bills or travel expenses.
• Moving too fast: Be wary if someone quickly professes love or talks about marriage before meeting in person.
• Avoiding a meeting: Scammers frequently have excuses for not meeting in person, claiming to be on an oil rig, in the military, or otherwise unavailable.
• Offering investment advice: Some scammers offer to help you invest, but the money you “invest” goes directly to them.
• Switching platforms: If they try to move the conversation to a private messaging service, it could be a red flag.
• Asking for explicit photos: Scammers may request explicit photos to later extort money from you.

How to Avoid Romance Scams

Protect yourself from romance scams by following these tips:

• Limit personal information online: Be cautious about sharing personal details on social media and dating sites.
• Adjust privacy settings: Tighten your online privacy settings and be selective about accepting friend requests from strangers.
• Do your research: Verify the identity of your new love interest by comparing their information with online sources and performing a reverse image search.
• Request to meet: Insist on meeting in person before getting serious or providing any financial assistance.
• Never send money or sensitive information: Avoid sending money or sharing sensitive details with someone you’ve never met in person.
• Trust your instincts: If something feels off, trust your gut and seek a second opinion from friends or family.

Help for Victims of Romance Scams

If you have fallen victim to a romance scam, take these steps immediately:

• Cut off contact: Stop communicating with the scammer as soon as you suspect foul play.
• File a police report: Report the scam to your local law enforcement.
• Try to recover your money: Contact your bank or the company associated with your payment method to request a refund.
• Notify the FTC: Submit a fraud complaint to the FTC and consider filing a report with the FBI.
• Report the account: Inform the dating or social media platform about the scammer’s profile.

Stay Vigilant for Identity Theft

If you shared personal information with a scammer, you might be at risk of identity theft. Report the issue to the FTC and consider using an identity monitoring service like Experian IdentityWorksSM to protect your identity and credit.

For any mortgage-related needs, don’t hesitate to contact O1ne Mortgage at 213-732-3074. We’re here to help you secure your financial future.

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