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Romance Scams

According to the Federal Trade Commission (FTC), romance scams are one of the top five scams targeting American seniors age 60 and above — and have increased significantly in recent years.

How Romance Scams Work

Cybercriminals who adopt fake online identities to gain affection and trust steal millions each year. They use the illusion of a close romantic relationship to manipulate their victims, often using social media postings to better understand their targets. To avoid in-person meetings, the scam artist may make up a host of excuses, such as working in an industry that requires extensive overseas travel for long-term projects. Sadly, these scenarios take place every day.

1

You begin using an online dating platform or social media channel to connect with a possible companion.

2

You develop a rapport with someone online and your relationship begins to deepen.

3

Your romantic interest asks you to pay for a medical emergency, legal fees or travel expenses.

4

You pay the requested amount via wire transfer or gift card. Once the money is received, the person discontinues contact.

How to Prevent Romance Scams

If you believe you’re the victim of a romance scam, don’t be embarrassed to seek help. Acting quickly can help limit damage.
  1. 1
    Reach Out To a Trusted Expert

    Reach out to a trusted individual for guidance, such as a friend, family member or your Morgan Stanley Financial Advisor. These individuals can help you further protect yourself and your accounts.
  2. 2
    Contact Your Financial Institution

    If you shared any bank account information or sent money, contact your financial institution immediately to discuss cancelling any fraudulent transactions and possibly opening a new account.
  3. 3
    Report Your Situation

    Report the incident to the Federal Trade Commission at  ReportFraud.ftc.gov  for more information and specific actions based on your situation.

Tips and Best Practices

Romance scams are getting more sophisticated and trickier to distinguish. Here are some tips and best practices to help avoid these types of scams.

DO

Do take a new relationship slowly and ask a lot of questions. Always watch for inconsistencies that might reveal an imposter.

DON’T

Don't send money to someone you’ve never met in person and have only engaged with online.

DO

Do check the photo your correspondent is using by conducting an online reverse image search. If the same picture shows up elsewhere with a different name attached to it, that’s a sign a scammer may have stolen it.

DON’T

Don't share your financial information, such as your bank account information.

DO

Do be wary of overly flirtatious and complimentary emails. Paste the text into a search engine and see if the same words show up elsewhere.

DON'T

Don't share any intimate photos with a person you’ve recently connected with online. A scammer may use these pictures for extortion.

DO

Do cut all communication with a perpetrator if you feel that something is amiss.

DON'T

Don't ignore red flags or dynamics that make you uncomfortable (e.g. your romantic prospect promises to meet in person, but then always comes up with an excuse for why they can’t).

Report an Online Security Concern

Contact us immediately at 888-454-3965 if you:

• Believe you may be the victim of fraud or identity theft
• Suspect your phone or email have been compromised
• Notice suspicious account activity
• Receive a questionable email or text that appears to be from Morgan Stanley

We’re open 24/7 to help you. For international clients, please contact your Morgan Stanley Client Representative immediately to report any online fraud or security concerns.

Other Scams to Be Aware Of

Wealth Management Tech Support Scams Fraud artists are savvy and can be very convincing. The Tech Support Scam is a popular social engineering technique, with several twists.
Wealth Management Grandparent Scams Out of the blue you get an email from your granddaughter who is studying abroad. She mentions the country where she’s living and says she’s in distress — her credit cards, passport and phone have all been stolen and she needs you to wire money to her international bank account right away.
Wealth Management Advance Fees Scams If something sounds too good to be true, it usually is. Keeping that age-old adage in mind is the best way to spot and thwart Advance Fee Scams.
Wealth Management P2P Payment Scams More and more people are using mobile payment apps like Zelle®, Venmo® or CashApp®. P2P payments can make splitting the bill or paying for a service simple and convenient, but vigilance is key.
Tech Support Scams
Wealth Management Tech Support Scams
Grandparent Scams
Wealth Management Grandparent Scams
Advance Fees Scams
Wealth Management Advance Fees Scams
P2P Payment Scams
Wealth Management P2P Payment Scams

Sources:

“Among older adults, hardest hit were the 60-69 and 70-79 age groups, which reported $129 million of the 2020 reported losses, making romance scams the category of highest reported losses for both groups.” Source: Protecting Older Consumers 2020–2021, A Report of the Federal Trade Commission, 34, October 18, 2021. https://www.ftc.gov/system/files/documents/reports/protecting-older-consumers-2020-2021-report-federal-trade-commission/protecting-older consumers-report-508.pdf

https://www.fbi.gov/scams-and-safety/common-scams-and-crimes/romance-scams

https://www.ftc.gov/system/files/documents/reports/protecting-older-consumers-2020-2021-report-federal-trade-commission/protecting-older-consumers-report-508.pdf

https://www.bbb.org/article/news-releases/17057-online-romance-scams-a-bbb-study-on-how-scammers-use-impersonation-blackmail-and-trickery-to-steal-fromunsuspecting-daters?utm_term=romance%20scams&utm_source=adwords&utm_medium=ppc&utm_campaign=Romance%20Scam&hsa_cam=1059441484&hsa_

ver=3&hsa_src=g&hsa_acc=1954580365&hsa_ad=251173099865&hsa_net=adwords&hsa_tgt=kwd-351854428&hsa_grp=52185115095&hsa_mt=b&hsa_kw=romance%

20scams&gclid=EAIaIQobChMIrpn3kPDH8wIVGeR3Ch2JIQDBEAAYAyAAEgITtfD_BwE

https://www.aarp.org/money/scams-fraud/info-2019/romance.html?CMP=KNC-DSO-FRAUD-Ongoing-RomanceScams-3075-GOOG-ONGOING-RomanceScams-Exact-

NonBrand&ds_rl=1295568&gclid=EAIaIQobChMIrpn3kPDH8wIVGeR3Ch2JIQDBEAAYAiAAEgLAQfD_BwE&gclsrc=aw.ds

This material is provided for educational and informational purposes only and no representation of any kind is intended with respect to the practices described. Nothing in this article should be construed as a cybersecurity evaluation. Morgan Stanley is not responsible for determining what cybersecurity best practices are most appropriate for your needs.  While efforts have been made to assure the completeness and accuracy of the information as of the date of the presentation, no representation is made that such information is accurate or complete, and Morgan Stanley undertakes no obligation to update the information as its practices change. Reproduction, transmission, dissemination, or other use without authorization or attribution is prohibited.

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