Love Is Not Blind: Be On the Lookout For Love Scams
Key Takeaways
- 1. Love scams are growing increasingly prevalent – it's essential to understand the signs so you don't fall victim.
- 2. A scammer may not necessarily ask for money directly from their victim – they may recommend a “great investment opportunity” for their new love to participate in.
- 3. If you think you are the victim of a love scam, take action quickly to prevent further loss.
If you’re single and looking for love online you may have heard of something called a ‘love scam’. Love scams occur when fraudsters feign romantic attraction for illegal financial gain. Sadly, getting tricked by a love scam can happen more easily than you think.
The Singapore Police Force reported that Singaporeans lost over S$35.7m to love scams in 2022. In fact, scams account for the majority of crimes reported in Singapore. Scam tactics have also continued to evolve, with scammers exploiting the emotions and vulnerabilities of their victims.
Keep reading to learn the story of “Wei” (not his real name), a hard-working Singaporean who had the misfortune of getting caught in a love scam.
Chapter 1 - Love is in the air
Isn't love exciting? The thrill of meeting someone new, the flutter of your heart when a new message pops up? That's precisely where Wei's story begins.
Wei is like many successful young professionals – he has worked hard to build a career and enjoys his job, but he is ready to share his success with a partner. He hasn’t had much luck meeting people at work or while he is out socialising with his friends, so he decides to dive into the world of online dating by downloading a popular app. He hopes he will find someone he can build a friendship with, that will eventually lead to love.
Before long, Wei comes across the profile of a woman named “Ty”. Her photos are stunning! Wei connects with Ty and quickly discovers she is even more beautiful on the inside. Their conversations flow like a babbling brook, full of warmth, laughter, and sweet nothings.
Ty seems perfect. They have so much in common and Ty seems genuinely interested in building a romantic relationship with Wei. There’s only one problem – Ty lives four hours away in Kuala Lumpur.
To narrow the gulf, Wei asks Ty to video chat and she says she wishes she could. She claims that the connection is bad in her area and insists that voice calls work just as well. Wei doesn’t mind too much. He is happy to speak to Ty on the phone, and soon they are talking almost every night. Ty says she feels like Wei is “the one” and that she has never met anyone who makes her feel so special. Wei is excited about this budding relationship. It’s been a long time since he felt that romantic spark.
The first stage of a love scam is called “grooming” or “love bombing.” A scammer may be quick to find common interests or profess their love to their victim. The victim might receive generous or unexpected gifts as part of the grooming process—such generosity can make the victim overlook warning signs. A love interest who is unavailable for video chat may indeed be a love scammer.
Chapter 2 - Ty shares a great investment opportunity
Wei and Ty’s relationship blossoms. After two weeks of phone conversations, Ty admits that she’s fallen in love with Wei. He tells her he feels the same way. He can’t believe he has met someone who shares so many of his interests.
They begin to talk about the kind of future they would like to build together. Wei tells Ty about the house he would like to buy – when he has saved up enough money, of course. Ty suggests he try investing in cryptocurrency. Ty tells Wei about a digital platform that she uses to trade cryptocurrency and confides that she is generating significant profits from her trading activities.
Wei is sceptical. "Sweetheart, I use this platform all the time," Ty says. "There was even an issue with my account once, and they fixed it right away."
Ty continues to playfully but persistently nudge Wei to start investing, sending him pictures of houses that they could buy and move into as a couple. Finally, he feels convinced of the platform's legitimacy and opens an account. Wei decides to invest only a small amount, just in case what Ty is saying is too good to be true.
Wei is pleasantly surprised when his small investment produces an attractive return. Wei initiates a $1,000 withdrawal from the trading platform, but the platform makes an error. $7000 is accidentally credited into his bank account instead.
Wei cooperates with the trading platform to correct the error. He is pleasantly surprised when the trading platform sends him $558 as a token of appreciation for his cooperation.
A love scammer may not directly ask for money. If a love interest recommends an investment opportunity, you need to verify for yourself that it’s credible. Legitimate trading platforms don’t typically offer “tokens of appreciation” to customers.
Wei feels happier than he has in years. He‘s in love and has discovered an exciting way to make money. Ty starts suggesting locations they could get married and extravagant honeymoon destinations that she says they can afford now Wei is earning good money with his investments. Wei continues to fund his trading account, recording modest profits from his buy-and-sell activities.
Chapter 3 - “There’s been an issue with your account."
Here comes the plot twist. Although he’s been making good returns, Wei hears from a friend that the cryptocurrency market is due for a fall. Wei is worried he might lose money if conditions change, so he decides to withdraw his entire account balance from the trading platform. But three days after he lodges the withdrawal request, the funds still haven’t appeared in his bank account. Wei contacts the platform’s customer service.
A customer service officer tells Wei what nobody likes to hear: "There’s been an issue with your account.” Wei learns that the withdrawal to his account cannot be completed because his activity is suspected to be money laundering. Wei is asked to provide personal identification and financial documentation to disprove any financial wrongdoing.
Wei sends the necessary documentation to the customer service department but still does not receive any money. The platform’s customer service personnel give a series of increasingly complex explanations about why his withdrawal cannot be completed, convincing Wei to transfer even more money to the platform as he attempts to fix the problem.
But where is Ty during all of this? She tells Wei that she, too, is facing similar issues with the trading platform. “Hey, babe, this is frustrating, isn’t it?” she coos to Wei over the phone. “This is the first time I’ve ever had a problem with them. I’m so sorry you’re dealing with this.”
Wei is frustrated but takes comfort in knowing that Ty has the same problem with the platform. As they talk about the issue during their nightly call, Ty starts to cry and tells Wei she is now struggling financially because of the ordeal. Ty asks Wei for a small personal loan, to help her pay her rent while she waits for the platform to release her funds. Wei can tell that Ty is struggling and he wants to help his new love, so he arranges to send money to Ty.
The real scam begins after the victim is initially satisfied with their experience with the fraudulent platform. The trading platform uses increasingly complicated ploys to request money, while the love interest avoids drawing suspicion by professing to have the same withdrawal issues. They even try to scam more money from the victim by requesting a loan to help them deal with their own financial issues.
Chapter 4 - Wei learns the truth
The trading platform continues to stall, promising to return the funds to Wei but failing to follow through. He becomes suspicious, and an internet search confirms his worst fear—the trading platform is a scam.
Wei calls Ty to tell her the bad news. Ty tries to reassure him that the platform is real and that everything will be fine. Wei starts to become suspicious of Ty and asks her to tell him more about her previous dealings with the platform. When Ty becomes angry with him for doubting her, Wei comes to the further realisation that Ty is, in fact, a scammer and is in on the whole thing.
Wei isn't sure what hurts more—the massive financial loss or feeling emotionally duped. The fallout from the love scam feels like a two-pronged assault on Wei. He truly thought the woman in the photos could be his future wife, but now he realises all her messages of love and kindness were in fact as fake as Ty’s profile. What’s more, he is now facing financial stress because of the money he has lost to the scam.
If you realise you are being scammed, immediately freeze your financial accounts, report the scam to your financial institution, and involve the police. Those are your tactical moves, but attending to your psychological well-being is also important. Love scams can be emotionally traumatising for many victims.
Wei takes the necessary steps to initiate a police investigation. But just like “Ty” is no longer in his life, the police warn Wei he is also very unlikely to get his money back.
Protect yourself from a love scam
Anyone can be Wei in this story, even someone highly educated, financially literate, or familiar with other scams. Dating apps and social media platforms like Facebook are where many love scams begin.
How can you protect yourself against a love scam? Here are some best practices to follow:
- • Research your love interest. Verify the identity of a love interest by searching for their full name online. Use a reverse image search to get more information about your love interest’s profile pictures.
- • Insist on a video chat. Soon after meeting, arrange a video call with your love interest. Consider it a red flag if they repeatedly fail to show.
- • Don’t send money. Never send funds to someone you only know through social media.
- • Invest cautiously. Proceed extremely cautiously if an online love interest recommends any type of investment opportunity. Do your own research to determine if the investment platform is licensed and registered with the Monetary Authority of Singapore (MAS).
- • Guard your bank account. Never give others access to your bank account for any reason.
What if you’ve already been scammed? Citibank customers can follow these steps to minimize the financial losses from a love scam:
- • Lock your card. Use the Citi Mobile® App to temporarily lock your credit or debit card.
- • Disable online banking. You can choose to disable your account’s access to the Citi Mobile® App and Citibank Online. (You can also suspend CitiPhone access to your account.) This should occur after locking your card to ensure your account is properly secured.
- • Report the scam. Contact the Citibank Fraud hotline at (65) 6337 5519 to report any scam. Provide relevant details about the scam to Citibank's fraud agents, who can assist you to minimise the financial impact.
What else can you do to recover from a love scam? Be nice to yourself—you may also be mending a broken heart.
*All potentially identifying details in this account have been fictionalised.
Sources
Disclaimer:
This article is for general information only and is not intended to be a forecast of future events nor a guarantee of future results and should not be relied upon as financial advice. All views and opinions are as of the date hereof, and are subject to change based on market and other conditions without notice. The article has no regard to the specific objectives, financial situation and particular needs of any specific person. It is neither an offer nor a solicitation to purchase, nor endorsement or recommendation of any products or services mentioned therein, and the products or services mentioned may or may not be offered by Citibank Singapore Limited, its related entities and their respective directors, agents and employees (together "Citigroup").
This article and its contents do not constitute the distribution of any information or the making of any offer or solicitation by anyone in any jurisdiction in which such distribution, offer or solicitation is not authorised or to any person to whom it is unlawful to distribute such information or make any offer or solicitation.
Citigroup is under no duty to update this article and shall not be liable for any complaint, suit, action, claim, expense, loss or damages directly or indirectly arising out of or in connection with any person’s reliance on, or acting upon, or use of, any contents on this article. The article is subject to amendment without notice. Investment Products are (i) not insured by any government agency; (ii) not a deposit or other obligation of, or guaranteed by, the depository institution; and (iii) subject to investment risks, including possible loss of the principal amount invested. The information contained herein is not intended to be tax or legal advice, or an exhaustive discussion of the strategies or concepts mentioned herein. Please seek advice from your tax, legal or financial adviser as appropriate about the contents discussed herein or before investing in any investment products. Should you choose not to seek such advice, you should carefully consider the risks associated with any investments and make a determination based upon your own particular circumstances and assess whether such investment product is suitable for you.
