$1.14B
FTC-reported romance scam losses in 2023
FTC says nearly 64,000 people reported romance scams in 2023 and losses reached $1.14 billion.
Romance-led investment scam
A relationship begins on social or dating platforms and gradually shifts toward a fake investing opportunity with fabricated gains and escalating deposits.
“romance scam”
↑ 168%Key indicators
Usually targetsOnline daters
Often hitsFreelancers and contractors
Common regionGlobal
Last updated2026-04-02
Estimated impact
$16K
median reported loss
Typical range$1.8K – $360K
Recovery rate~3%
Annual reports40,000
Scam breakdown
1
The scammer builds trust and emotional dependence before introducing investing.
2
The victim sees fake profits and is encouraged to deposit more.
3
Withdrawals fail or trigger fake tax and unlocking fees.
What to do first
Never invest based on a romantic contact's recommendation.
Related terms
pig butcheringromance crypto scamRomance scamsInvestment scamsInstagram / WhatsAppRisingOnline datersProfessionalsLonely adultsFreelancers and contractorsCreators and online sellersEducators and studentsGlobalpig butcheringromance crypto scam
Real-world example
How this scam plays out in practice
Based on reported patterns. Names and details are illustrative.
The setup
Rebecca, 35, a online daters, encountered what appeared to be a legitimate romance and investment fraud situation while using Instagram / WhatsApp. The scammer builds trust and emotional dependence before introducing investing.
Step 2
What happened next was calculated: The victim sees fake profits and is encouraged to deposit more.
Step 3
The pressure escalated quickly: Withdrawals fail or trigger fake tax and unlocking fees.
The outcome
Rebecca realized something was wrong when fast emotional intimacy plus money conversations. By that point, significant damage had already been done — money sent, personal information shared, or trust exploited.
The lesson
Never invest based on a romantic contact's recommendation. Rebecca's experience shows why fast emotional intimacy plus money conversations and platform migration to private chat apps are the clearest early warning signs.
How to identify it
- Fast emotional intimacy plus money conversations
- Platform migration to private chat apps
- A fake dashboard shows impossible steady gains
- Be skeptical when intimacy grows quickly but the person keeps avoiding independent verification or real-world proof.
- Treat a fast move to private messaging apps as a control step, especially if money or investing appears soon after.
- If the platform shows gains but blocks small withdrawals or keeps asking for one more payment, assume the returns are fabricated.
What to do now
- ✓Never invest based on a romantic contact's recommendation.
- ✓Verify the platform independently and assume screenshots can be fabricated.
- ✓Talk to a trusted third party before moving any money.
What to save before reporting
- ✓Save the full chat history, profile URLs, wallet addresses, transaction hashes, and any dashboard screenshots.
- ✓Record every payment request, fake profit screenshot, and withdrawal failure message.
- ✓Keep any promises about taxes, unlocking fees, or account recovery because they show the escalation pattern.
- ✓Save the full chat or call log before blocking the sender so the reporting path still has the original context.
- ✓Keep wallet addresses, transaction hashes, and exchange or payment-app identifiers before you move remaining funds.
How big is this problem
You are not alone — this scam affects millions of people.
These numbers come from government agencies and official reports. If you have been affected, know that this is a widespread problem — not something that only happens to careless people.
FTC romance scams 2023
$5.7B
Reported investment scam losses in 2024
FTC says investment-related scams caused the biggest reported losses in 2024, at $5.7 billion.
$2.7B+
Losses to social-media scams since 2021
FTC says reported losses to scams that started on social media surpassed $2.7 billion since 2021, which is highly relevant for romance-led fraud that begins on social or dating platforms.
History and evolution
- Romance fraud and fake investing merged into longer, more structured scam journeys as scammers learned to combine emotional trust with controlled fake dashboards.
- The underlying script often moves from public social apps to private chat, then into repeated deposits and fake withdrawal barriers.
- The blend of intimacy and fake investing creates unusually long scam cycles.
Recovery and follow-up
- ✓Save the messages, receipts, account alerts, and transaction details before you block or delete anything.
- ✓Report the scam through the official platform or government channel that best matches where it happened.
- ✓If crypto or online investments were involved, move any remaining funds only through the official wallet or exchange controls you already trust.
- ✓Never invest based on a romantic contact's recommendation.
- ✓Verify the platform independently and assume screenshots can be fabricated.
Why this pattern keeps working
Romance-led fraud often lasts longer than other scams because the emotional grooming phase comes before the financial ask.
Pig-butchering style scams blend romance, friendship, and fake investing so the victim feels both socially committed and financially trapped.
The blend of intimacy and fake investing creates unusually long scam cycles.
High-severity canonical entry.
Where to report it
If you have been targeted by this scam, reporting it helps authorities track the pattern and protect others. Global has dedicated agencies that handle fraud reports.
Report cross-border scams
econsumer.gov (ICPEN)
International Consumer Protection and Enforcement Network portal for reporting cross-border online scams. Reports are shared with consumer protection agencies in 40+ countries.
Interpol financial crime guidance
Interpol
International policing guidance on online financial fraud, romance scams, and investment fraud operating across borders.
Report phishing emails
Anti-Phishing Working Group
Global industry coalition for reporting phishing emails and URLs. Forward phishing to [email protected].
Explore further
Understand the bigger picture
Who is most at risk
Who this scam targets
Primary targets
Online daters, Professionals, Lonely adults
Geographic concentration
Global
Primary channel
Instagram / WhatsApp — Romance and investment fraud
Why this group is vulnerable
Online daters are particularly vulnerable because this scam exploits trust in familiar brands, authority figures, and time-sensitive decisions. The growing number of reports suggests that awareness among this demographic remains low.
Sources and methodology
How we verify this information
OpenScam tracks scam patterns using a combination of government consumer protection databases (FTC, IC3, Action Fraud), platform-specific fraud reports, and verified consumer complaint data. Each entry is cross-referenced against at least two independent sources before publication.
Severity ratings are based on financial impact potential, reversibility of damage, and volume of reports across multiple reporting channels. Trend velocity reflects the rate of change in report volume over the most recent 90-day window.
This page was last verified on 2026-04-02. Red flags, recovery steps, and reporting resources are reviewed quarterly against current agency guidance.
Evidence and indicators
- The blend of intimacy and fake investing creates unusually long scam cycles.
Source notes
- High-severity canonical entry.
Frequently asked questions
Common questions about romance-led investment scam
How does the romance-led investment scam work?+
The scammer builds trust and emotional dependence before introducing investing. The victim sees fake profits and is encouraged to deposit more. Withdrawals fail or trigger fake tax and unlocking fees.
What are the warning signs of romance-led investment scam?+
Fast emotional intimacy plus money conversations Platform migration to private chat apps A fake dashboard shows impossible steady gains
What should I do if I encounter romance-led investment scam?+
Never invest based on a romantic contact's recommendation. Verify the platform independently and assume screenshots can be fabricated. Talk to a trusted third party before moving any money.
Who is most at risk for romance-led investment scam?+
This scam primarily targets Online daters, Professionals, Lonely adults. It is most commonly reported in Global and typically appears on Instagram / WhatsApp.
Is romance-led investment scam on the rise?+
Romance-led investment scam is currently on the rise with growing reports. It has been reported across Global. Last updated 2026-04-02.
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Help someone avoid this scam.
Scammers succeed because people do not talk about it. If you or someone you know has been affected, there is no shame in it — it happens to millions of people every year. Share this page with friends and family so they know what to look for.