Protecting Your Heart and Your Finances This Valentine’s Day

Category: Fraud Awareness
By BankSource on 1/30/2026

Valentine’s Day is a time when many people focus on connections, relationships, and love. As online dating and social media play a larger role in how people meet, scammers often take advantage of this increased activity.

Research found that 52% of people feel more vulnerable to scams around Valentine’s Day. During this time of year, higher online engagement, romantic conversations, and emotional openness can make it easier for scammers to build trust.

The Impact of Romance Scams

Romance scams are among the most costly and damaging types of fraud. In 2023, the Federal Trade Commission (FTC) received 64,003 reports of romance scams, with total reported losses of $1.14 billion.

The median loss per victim was $2,000, the highest of any type of imposter scam. Staying informed is one of the most effective ways to reduce your risk.

How Romance Scammers Build Trust:

The FTC reviewed data from more than 8,000 romance scam cases and identified common stories scammers repeatedly use to create emotional connections and request money.

  • "I am or someone close to me is sick, injured or in jail."
  • "I can teach you how to invest or make money."
  • "I'm in the military and stationed far away."
  • "I need help paying for an important delivery."

The largest average losses occur when money is sent through cryptocurrency and wire transfers. These payment methods are difficult to trace and nearly impossible to recover once sent.

Red Flags to Watch For:

  • Claims of working or serving in a distant or hard-to-reach location.
  • Expressions of love or commitment very early in the relationship.
  • Requests for secrecy or discouragement from talking to others.
  • Requests for financial help or expensive favors.
  • Repeated or escalating requests for money.

Tips for Avoiding Romance Scams:

  • Never send money, gift cards, cryptocurrency, or wire transfers to someone you haven’t met in person.
  • Be cautious of anyone who promises guaranteed investment or cryptocurrency returns.
  • Be suspicious of excuses about why meeting in person is “impossible".
  • Tell a trusted friend or family member about online relationships.

 

Scammers often rely on urgency and emotional pressure to prevent victims from slowing down or asking questions.

   

What to Do If You Suspect a Romance Scam

If you believe you may be dealing with a scammer:

  1. Reach out to your bank and let them know of the fraudulent activity as soon as possible.
  2. Report to the Federal trade Commission (FTC) at ReportFraud.ftc.gov.
  3. Report the scammer profile on the app or website where they contacted you.

What to Keep in Mind This Valentine’s Day

Romance scams work because they feel real. They exploit trust and emotional connection, qualities that are part of healthy relationships.

This Valentine’s Day, staying informed, is one of the best ways to protect both your heart and your finances. If something doesn’t feel right, pause, talk to someone you trust, and reach out to your bank for guidance.

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