According to the Federal Trade Commission, in the “past five years, people have reported losing a staggering $1.3 billion to romance scams… 2021 was no exception – reported losses hit a record $547 million for the year”. The new numbers are out! The FTC stated that “in 2022, nearly 70,000 people reported a romance scam, and reported losses hit a staggering $1.3 billion. The median reported loss: $4,400.”
Social engineering plays an important role across the entire romance scams process.