Be cautious not to “swipe right” into a scam as Valentine’s Day approaches.
Researchers at Tenable are warning that romance scams continue to be the biggest consumer threat today.
Scammers exploit dating apps and messaging platforms to target victims looking for companionship. Unsurprisingly, scammers are now leveraging generative AI to refine their messages, making their deception more convincing than ever.
A recent bust in Hong Kong underscores the evolving tactics of these fraudsters. Scammers used artificial intelligence to create deepfake videos and audio, convincing victims from Taiwan to Singapore and as far away as India that they were engaging in genuine relationships.
This elaborate scheme defrauded individuals of over US$46 million.
“Many of these scammers operate from overseas and don’t speak fluent English,” said Satnam Narang, senior staff research engineer at Tenable. “AI helps them craft sophisticated, emotionally compelling messages that make their scams more believable and harder to detect.”
Romance scams affect people of all ages and backgrounds, but elderly individuals, former military personnel, and those seeking financial arrangements are among the most vulnerable.
Scammers deploy various tactics, from impersonating service members using stolen photos to orchestrating fake “sugar mummy and daddy” schemes, luring victims into fraudulent financial transactions.
Others entice victims into adult video chats that require paid registrations, generating illicit profits in the process.
Crypto cons
The most dangerous form of romance scam today is ‘romance baiting,’ previously known as pig butchering.
In these long-term cons, scammers establish fake relationships to build trust before convincing their victims to invest in bogus cryptocurrency or stock platforms. This method has now overtaken other romance scams in terms of prevalence and financial impact.
“People have lost their life savings to romance scams, and it’s heartbreaking,” said Narang. “Victims are often blamed for falling for these schemes, but these scams are highly manipulative and exploit vulnerabilities that anyone could have.”
Recovering stolen funds is notoriously difficult, particularly when cryptocurrency is involved. To make matters worse, scammers often double-down by targeting victims again, posing as recovery agents who promise to retrieve lost funds — for a fee.
The best defence is skepticism. If someone you’ve never met in person asks for money, whether for a sudden emergency, a business opportunity, or an investment, consider it a major red flag.
If you believe you’ve been scammed, report the crime to your local law enforcement and cybercrime authorities immediately.
