Victims also engage with scammers for an
extended period with 12% communicating for several months and 5%
entering relationships lasting a year or longer
SANTA
CLARA, Calif., Sept. 25,
2024 /PRNewswire/ -- Malwarebytes, a global leader in
real-time cyber protection, released new research revealing
the alarming prevalence and financial impact of romance scams, also
known as confidence fraud, dating or pig butchering
scams. According to the survey, more than 66% of respondents have
been targeted by romance scams with 10% of victims losing more than
$10,000 and a shocking 3% parting
with $100,000 or more. With 94% of
those that lost money unable to recover it, the results highlight
the urgent need for increased awareness and protective
measures.
"Romance and dating scams are run by sophisticated
cybercriminals who know what they're doing. They conduct research,
follow a playbook, and last year alone, these scams raked in over
$650 million," said David Ruiz, Senior Privacy Advocate,
Malwarebytes. "Consumers need to be vigilant—stop and think before
sending money, buying gift cards, or investing in
cryptocurrency schemes from people they meet online.
The more we can remove the stigma surrounding victims and provide
education and resources, the faster we can minimize the devastating
effects of these scams."
Key Findings
Romance scams commonly target individuals on social media and
online dating platforms to build trust over weeks and months.
Individuals believe they are in a relationship and are tricked into
sending money, personal and financial information, or items of
value to the perpetrator or to launder money or items to assist the
perpetrator. These types of scams have risen in prevalence over the
past few years, driven by the loneliness epidemic and proliferation
of digital platforms.
- Shifting targets: The demographics of romance scams
remain largely the same, with the majority of targets over the age
of 55 (74%) and male (56%). But younger demographics shouldn't be
overlooked—11% of victims were between the ages of 18 and 44, and
40% of targets were female.
- The long game: 26% of victims were engaged with the
scammer for an extended period, with 12% communicating for several
months and 5% entering relationships lasting a year or longer.
These findings underscore the ongoing need for user education and
heightened awareness.
- Stigma and shame: The survey revealed 40% of
respondents never told anyone about their experience and only 11%
took the step of reporting the scam to law enforcement or nonprofit
organizations. Only 4% of victims sought help from a therapist or
support group after their ordeal.
- Social media entry: 38% of scammers reached their
victims via social media, followed by 31% via online dating
profiles, 16% via email, and 11% via text. The rise of these entry
points reflects how romance scammers are exploiting our
increasingly digital lives.
How to Avoid Falling Prey to Romance Scams
- Keep personal information private: Limit the
personal and financial information you share online, especially
with new or unverified contacts. Use tools such as the Malwarebytes
Personal Data Remover to minimize the amount of data accessible
through search engine results, spam lists, and people search sites.
This online personal data scanner will allow you to find out what
sites are selling your information and get options on removing your
details.
- Verify identities and sources: Exercise caution with
unsolicited contacts, especially via social media, email or text
message. Scammers often contact people "out of the blue."
- Consult with a third party: If an investment
opportunity seems promising, consult with a financial advisor or
investment professional who can provide an objective opinion. Run
any big financial requests from an online acquaintance by a trusted
friend or family member for a gut check.
- Report suspicious activities: If you encounter
something suspicious, report it to the appropriate
authorities—local law enforcement or the FBI via its Internet Crime
Complaint Center. Your action could prevent others from falling
victim.
For full survey results, visit:
www.malwarebytes.com/blog/news/2024/09/romance-scams-costlier-than-ever-10-percent-of-victims-lose-10000-or-more.
Research Methodology:
Malwarebytes conducted a pulse survey of its newsletter readers
between August 5 and 15, 2024, via
the Alchemer Survey platform. In total, 850 people across the globe
responded.
To read more about the latest threats and cyber protection
strategies, visit the Malwarebytes blog, or follow us on Facebook,
Instagram, LinkedIn, TikTok, and X.
About Malwarebytes
Malwarebytes is a global cybersecurity leader delivering
award-winning endpoint protection, privacy and threat prevention
solutions worldwide. Built on decades of experience as the last
resort to find and eradicate the latest malware, Malwarebytes is
now trusted by millions of individuals and organizations to stop
threats at each stage of the attack lifecycle, secure digital
identities and safeguard data and privacy. A world class team of
threat researchers and proprietary AI-powered engines provide
unmatched threat intelligence to detect and prevent known and
unknown threats. The company is headquartered in California with offices in Europe and Asia. For more information and career
opportunities, visit https://www.malwarebytes.com.
Malwarebytes Media
Contact:
Ashley
Stewart
Director of Public and Analyst Relations
press@malwarebytes.com
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SOURCE Malwarebytes