Banks and financial institutions are stepping in to help protect victims from these scams. Santander UK ran a campaign to spread awareness about romance scamming and the tactics used by cybercriminals. In the U.S., banks are seeking help from the federal government, law enforcement agencies, and the social media sector to curb the growing crisis. The article concludes with a reminder to remain vigilant and well-informed to protect oneself from such scams.
Key takeaways:
- Online romance scams, also known as confidence scams, are on the rise, with fraudsters creating fake identities and using advanced technology like AI deepfake images to exploit victims for financial gain.
- In 2022, Britons lost over £92 million in romance scams, while in the U.S., reported losses totaled at least $739 million.
- Banks and financial institutions are stepping in to help protect victims, with initiatives like Santander UK's "Love Hurts" campaign to spread awareness about romance scamming and the tactics used by cybercriminals.
- Financial institutions are calling for assistance from the federal government, law enforcement agencies, and the social media sector to curb the growing crisis of online romance scams.