While the Wisconsin Department of Financial Institutions can’t help you with your love life, it does have some tips on how to avoid potential Valentine’s Day scams from fake potential lovers.
The DFI is warning the public about relationship investment scams, a form of fraud that costs Americans an estimated $10 billion each year.
The DFI is participating in a national awareness campaign, led by the Commodity Futures Trading Commission in partnership with federal and state agencies and non-governmental organizations, to raise awareness about these scams.
The “Dating Or Defrauding?” social media awareness campaign warns consumers to be skeptical of any requests from new online friends or romantic interests. Common warning signs include requests to send crypto assets, or other forms of payment, to invest in scams through fake crypto websites.
“Scammers often exploit emotional vulnerability and the desire for companionship,” DFI Securities Administrator Leslie Van Buskirk said in a statement. “By providing the public with information needed to recognize and avoid relationship investment scams, we aim to reduce victimization and financial loss during a potentially high-risk period around Valentine’s Day.”
Some other warning signs include not meeting in person, moving off social media or dating platforms to encrypted messaging apps, mentioning crypto and offering to help transfer money.
If it feels like a scam, the agency advises to stop all communication with the potential scammer. Collect any info pertaining to the communication and file a complaint with the DFI, the Federal Bureau of Investigation’s Internet Crime Complaint Center and the Wisconsin Department of Agriculture, Trade and Consumer Protection.
