- ORIGINAL NEWS
As online romance scams rise, banks ask for help to save victims billions
- SUMMARY
A crisis involving billions of dollars in annual losses is escalating due to online romance scams.
Criminal gangs, often from Southeast Asia, set up phony social media profiles to connect with potential American victims.
They target lonely individuals, regardless of gender, age, education level, or socioeconomic status.
Once a victim responds to a message, the scammers engage in lengthy conversations to build emotional bonds and persuade the victim of a genuine romantic relationship.
This psychological manipulation makes victims susceptible to requests for money, such as investment opportunities or funds for fake medical procedures.
Victims commonly drain their bank accounts and retirement funds to send money to these scammers.
Banks are obligated to provide access to funds and cannot prevent withdrawals, even when they suspect fraud.
Reimbursing victims would also create a market that attracts more scammers.
Experts emphasize the need for social media companies to take down perpetrators, improve platform oversight, and allow financial institutions to share information about at-risk customers.
Law enforcement also needs to prosecute scammers to deter future incidents.
The emotional toll of these scams is severe, leading to lost marriages, ruined financial situations, and even careers.
Victims experience profound despair upon realizing the illusion of their romantic relationships and the loss of their life savings.
The loneliness and desire for love and companionship make individuals susceptible to these scams.
Scammers exploit these human vulnerabilities by providing comfort, emotional connection, and promises of financial prosperity.
- NEWS SENTIMENT CHECK
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“Romance scams are run by organized criminal gangs that set up phony social media avatars and use those to connect to potential American victims.”
“Once a psychological hook is set, the scammer turns the conversations to money.”
“Some of the scams I’ve heard of, they literally have people draining their bank accounts, to send the scammer everything that they have.”
“And these are just evil people taking advantage of vulnerable people.”
“Banks generally will not reimburse a customer for romance scam losses, Benda explained, because the customer transferred the money of their own free will.”
“And reimbursing victims would likely just make a market that would draw in more scammers.”
“Discovery of these scams can lead to lost marriages, lost careers or a permanent change in financial position.”
“West explained there’s a very human reason why lonely people fall for these scams.”