Romance or sweetheart scams occur when a criminal adopts a fake online identity to gain a victim’s affection and trust. The scammer then uses the illusion of a romantic or close relationship to manipulate and steal from the victim. These criminals appear on dating sites, but can also creep up in your social media messages, in email or other apps. Seniors tend to be the most vulnerable and those age 70 and older reported the highest median losses. Marguerita Cheng, CFP®, CEO of Blue Ocean Global Wealth, shares her personal experience with romance scams in hopes of helping others. We discuss the red flags to look for, how to protect yourself and your loved ones, and helpful resources.
