Advising Users to Watch for Fraud Attacks Associated With Dating Apps

As “Dating Sunday” — the first Sunday of January and the busiest day of the year for dating apps — approaches, fraud experts at Chargebacks911 are issuing an urgent warning to romantics about the rising threat of romance scams.

In 2023, victims of these scams lost an astonishing $1.14 billion, with a median loss of $2,000 per person. That’s the highest reported losses among all imposter scams, according to the Federal Trade Commission (FTC).

Scammers “Prey on People’s Emotions” to Steal From Them

“Many people have ‘finding love’ as a New Year’s resolution, and dating apps are the place for many to meet their match. But, while Dating Sunday represents a surge in online connections, it also creates prime opportunities for scammers,” said Monica Eaton, CEO of Chargebacks911, a global leader in managing disputed transactions between cardholders and merchants.

“Romance scammers prey on people’s emotions, building trust to exploit them financially. Unfortunately, depending on the method that money is sent to these scammers, chances are slim that victims are able to recoup these funds through the chargeback process.”

Scammers are sophisticated. Are you sure your business is protected against new and developing threats?

Romance scams, which affect both men and women, are alarmingly common. A 2024 survey by Statista revealed that 53% of male online dating users and 47% of female users reported being targeted. Social media platforms are frequently used to initiate these schemes, with 40% of victims in 2022 reporting that the fraudulent relationships began there.

Furthermore, the FTC found that about 40% of people who said they lost money to a romance scam in 2022 said the contact started on social media.

Attacks Have “Devastating” Financial Impact for Victims

Chargebacks911 warns that the financial impact of these scams is devastating. While romance scams represent a small percentage of overall imposter scam reports, the losses are disproportionately severe. Once scammers gain a victim’s trust, they may request money, access to bank accounts, or even involve the victim in laundering funds unknowingly.

“With so many new users engaging on dating platforms this week, it’s essential to stay vigilant,” Eaton added. “Most scammers prefer payment methods that offer little to no chance of recovering funds once the victim realizes they've been defrauded, such as gift cards, authorized push payments, or peer-to-peer transactions. Taking small precautions now can help avoid significant financial and emotional harm later.”

A Real-World Look at Chargeback Management

Based on a survey of over 400 merchants, the report presents a comprehensive, cross-vertical look at the current state of chargebacks and chargeback management.

Access the FREE Report

To help consumers navigate the influx of new connections during Dating Sunday safely, Chargebacks911 offers these essential tips:

Verify Identities: Use video calls or check social media profiles to confirm the person’s authenticity. If the person refuses to conduct a video call or meet in person, they are likely a scammer.
Avoid Quick Money Requests: Never send money, crypto, gift cards, bank or wire transfers to someone you haven’t met in person.
Protect Personal Information: Don’t share sensitive details with someone you’ve just met online.
Do Background Checks: Perform a reverse image search on the person’s profile picture or any photos they’ve shared. If the images are linked to a different name or the details don’t align, it’s likely a scam.
Trust Your Instincts: If something feels off or “too good to be true,” proceed with caution or disengage.

Chargebacks911 encourages everyone to share this message with friends and family as Dating Sunday approaches. Additionally, with heightened awareness, consumers can enjoy the benefits of online connections while staying safe from scams. If you suspect a romance scam, report it to the FTC and alert the social networking site or app where the interaction began.