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The prevalence and sophistication of online romance scams are on the rise, with consumers losing over a billion dollars to such frauds in 2023, according to the Federal Trade Commission (FTC). The alarming statistics highlight a growing trend in which scammers exploit emotional vulnerabilities to defraud unsuspecting victims.
The FTC's latest report reveals that approximately 40 percent of those who reported losing money to romance scams in 2022 said their initial contact with the scammer occurred on social media platforms. The median financial loss per victim was around. . .
