Valentine’s Day is in the air—and so are the scams. It’s not all about love, relationships, butterflies in your stomach, and sweetness. It’s also the season where romance scams are everywhere, especially with the introduction of generative AI tools.
A recent case in Hong Kong indicates that AI-aided scams are still on the rise. Apparently, Tenable alerted the public that the losses already reached millions of dollars and they are growing at the time.
Modern Romance Scams Become Trickier With AI
AI-Powered Romance Scams Rake in Millions as Fraudsters Get More
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Generative AI is transforming the way scammers interact with their victims. Gone are the days when generic emails or social media messages suffice. Tenable’s senior staff research engineer Satnam Narang said that many scammers are from overseas and do not speak fluent English.
“AI helps them craft sophisticated, emotionally compelling messages that make their scams more believable and harder to detect,” Narang said.
Now, AI is being used to develop highly personalized messages that can be very convincing for even the most cautious individuals. Deepfake technology, which is powered by AI, has been used to create realistic videos and audio recordings, making the scam feel even more authentic.
To make things worse, significant financial losses of over $46 million were stolen from victims across Taiwan, Singapore, and India alone from a wave of romance scams, Backend News reports.
More importantly, Narang alerted that the frightening evolution of the romance scam execution will urge everyone to be more watchful.
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Who Are Most Susceptible to Romance Scams?
There are various groups, however, at a higher risk of falling into romance scams. The elderly and former military members, as well as those searching for financial contacts, are generally at a high risk.
They often fall into these scams through impersonation when scammers adopt identities that involve emotional or financial needs to make the victims succumb to the manipulation. Some dating apps like Tinder and Meetic have in-app messages to help users prevent romance scams.
For example, the scammers might use pictures stolen from legit doctors to pretend to be a Marine Navy member or “sugar daddy” and “sugar mommy” schemes, enticing victims to make financial transactions.
Some of them even ask the victims to participate in adult video chats where the victim needs to pay the registration fees; then, illicit profits are reaped by the fraudster.
Emergence of ‘Romance Baiting’ or ‘Pig Butchering’
The most destructive type of romance scam today is termed “romance baiting,” or more colloquially, “pig butchering.” These are long-term operations wherein scammers develop a trusting relationship over weeks or even months before introducing financial schemes.
Once the trust is established, the victim is convinced to invest in fake cryptocurrency or stock trading platforms and loses their entire life savings in the process.
Narang said that it was heartbreaking to know that many people lost their life savings to romance scams. What’s worse, victims are often blamed because they are not watchful, whereas scammers are just highly manipulative in any sense.
The Hard Part of Getting Money Back
Perhaps the worst part of a romance scam is the inability to recover the stolen money. Matters are worse with cryptocurrency because recovery is next to impossible.
At times, thieves will come back to the victims and claim to be recovery agents, offering them a chance to recover the money for a price. In turn, they rob the victim even more.
Authorities are calling out for vigilance in checking identity and not handing out cash when discussing anything with anyone you haven’t met in person who will ask for your money. This is true whether it’s for an emergency, a business deal, or to impress; this is a red flag.
In many cases, fraud victims report these incidents immediately to local authorities or organizations dedicated to combating fraud.
How To Avoid Romance Scams
As AI continues to improve and scammers become more adept at using these tools, it’s more important than ever to stay careful. Here are some tips to avoid falling victim to a romance scam:
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