The explosive growth of dating apps, combined with advances in generative AI, has fueled a sharp rise in romance scams, leaving victims emotionally and financially devastated, ET Edge Insights reports.
In 2024 alone, global losses from romance-related fraud topped $1 billion, with scams increasingly blending emotional manipulation and financial deception, especially via deepfakes, voice cloning, and crypto-based schemes like "pig butchering." A case in point is Jay, who believed he found love on an app, only to be exploited by a scammer using a fabricated identity. According to the FBI, such "confidence fraud" has evolved far beyond love letters and nightclubs, now leveraging synthetic media and behavioral targeting at scale. Older adults lost $389 million to romance scams in 2024, while cases of sextortion among younger users have surged. Despite some platform and law enforcement efforts, experts warn the threat is growing. "Trust, but verifythen verify again," remains the most effective defense as fraudsters grow more sophisticated by the day.
In 2024 alone, global losses from romance-related fraud topped $1 billion, with scams increasingly blending emotional manipulation and financial deception, especially via deepfakes, voice cloning, and crypto-based schemes like "pig butchering." A case in point is Jay, who believed he found love on an app, only to be exploited by a scammer using a fabricated identity. According to the FBI, such "confidence fraud" has evolved far beyond love letters and nightclubs, now leveraging synthetic media and behavioral targeting at scale. Older adults lost $389 million to romance scams in 2024, while cases of sextortion among younger users have surged. Despite some platform and law enforcement efforts, experts warn the threat is growing. "Trust, but verifythen verify again," remains the most effective defense as fraudsters grow more sophisticated by the day.
