NASHVILLE – Millions of people use online dating apps and dream of meeting that perfect someone. Unfortunately, scammers are also looking to use these same apps to defraud unwary investors. This Valentine’s Day, it’s important to keep in mind that romance scams are on the rise. Take steps to help ensure your dream does not become a nightmare by falling for a romance scam.

A romance scam occurs when a person adopts a fake online identity to gain a person’s affection and trust. Scammers use the illusion of romance or intimacy to manipulate or steal from the victim. Scammers will use various tricks to come across as genuine, and one obvious sign that you are communicating with a scammer is if they refuse to meet you in person. Often, the scammer will conveniently live outside the United States or work on an overseas project. Eventually, this person will ask for money for an “amazing” business opportunity or even a medical emergency. They may also ask you to send funds through a wire transfer or ask for your bank account details. These con artists are on most dating and social media sites.

“In this age of social media and online dating, it’s easier than ever to make a connection, but please be cautious,” said TDCI Assistant Commissioner Elizabeth Bowling. “Protect yourself, and your wallet, by paying attention to the warning signs of fraud and romance scammers."

For more information on romance scams and investment fraud, or if you or someone you know has been scammed, visit tn.gov/securities.

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