According to the Federal Trade Commission, consumers reported losing more than $3.3 billion to fraud in 2020, up from $1.8 billion in 2019. Nearly $1.2 billion of losses reported last year were due to imposter scams, while online shopping accounted for about $246 million in reported losses from consumers. Feb 4, 2021[1]

For three years running, people have reported losing more money on romance scams than on any other fraud type identified in the FTC Sentinel Network. In 2020, reported losses to romance scams reached a record $304 million, up about 50% from 2019. For an individual, that meant a median dollar loss of $2,500. From 2016 to 2020, reported total dollar losses increased more than fourfold, and the number of reports nearly tripled.

While many people report losing money on romance scams that start on dating sites and apps, they say even more were targeted on social media. These social media users are not always looking for love and report that the scam often starts with an unexpected friend request or message.

Sooner or later, these scammers always ask for money. They might say it is for a phone card to keep chatting. Or they might claim it is for a medical emergency, with COVID-19 often sprinkled into their tales of woe. The stories are endless and can create a sense of urgency that pushes people to send money repeatedly.

Who are the victims?

People ages 20 to 29 saw the most striking increase, with the number of reports more than doubling since 2019.

People ages 40 to 69 were once again the most likely to report losing money to romance scams. And people 70 and older reported the highest individual median losses at $9,475.
Small Schemes - In 2020, reports of gift cards being used to send money to romance scammers increased by nearly 70%. Gift cards, along with wire transfers, are the most frequently reported payment methods for romance scams. People mailed gift cards or gave the card's PIN to the scammer. The median amount sent to romance scammers in 2020 using any payment method was $2,500, more than ten times the median loss across all other fraud types.

Story of two women from different states – Both lost their husbands and went…