Romance scams raked in hundreds of millions in 2020
Fox News
For the last three years more money has been lost to romance scams than any other fraud, reaching a record $304 million in 2020.
That’s up a whopping 50% from 2019. And from 2016 to 2020, total dollar losses increased more than fourfold while the number of reports nearly tripled, the FTC said. Reports of gift cards being used to send money to scammers increased by nearly 70% in 2020, the FTC said. Gift cards and wire transfers are the most frequent payment methods for romance scams.
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