Sept. 19, 2022, Karen Coyne’s “Money Without Math” podcast — “Romance or sweetheart scams occur when a criminal adopts a fake online identity to gain a victim’s affection and trust,” explains podcaster and financial advisor Karen Coyne, CFP®, in today’s podcast featuring Marguerita Cheng, CFP® Pro.
“The scammer then uses the illusion of a romantic or close relationship to manipulate and steal from the victim. These criminals appear on dating sites, but can also creep up in your social media messages, in email or other apps. Seniors tend to be the most vulnerable and those age 70 and older reported the highest median losses.”
According to data from the Federal Trade Commission (FTC), victims of romance scams lost a whopping $547 million in 2021. And because victims often feel ashamed, these loss numbers are underreported.
Marguerita (Rita) Cheng, CFP®, CEO of Blue Ocean Global Wealth, shares her very personal experience with romance scams in hopes of helping others. She discusses the red flags to look for, how to protect yourself and your loved ones, and shares helpful resources. Please take a listen, and then talk to the loved ones in your life.