THE question of whether romance scam is a game, a profession or a crime depends on parties involved in the discussion.
Among the youth, romance scam may be considered as ‘a game of chance’, where emotions are placed on the table for fun, deceptions and tactics to win the trust of unsuspecting victims for financial gains and other forms of benefits.
Among the middle class, particularly the unemployed, they may find romance scam as a profession where they justify that investing time, money used to purchase data and other resources are forms of business investments which results in getting their victims to remit several sums of monies to them (pay out/profit/returns on investments). Funds received by this class is considered as payment for their hard work in winning the trust of their victims.
On the other hand, the intelligence and security agencies, regulators, competent authorities and the banking sector are executing their tasks by following and tracing the financial activities of this class as they perpetuate their criminal activities.
In as much as these persons consider romance scam as a game or profession, they end up causing a lot of harm to their unsuspecting victims (crime).
Unfortunately, financial providers are usually the liability as they have to pay out the proceeds received via romance scams. Financial providers therefore have a role to monitor all remittances received on the accounts of clients and to report any suspicious transfers to competent authorities for investigations.
There has been incidence of romance scam cases where financial providers have paid out huge sums of monies to persons involved. The question then remains;
Are financial providers wilfully blind to report suspicious transactions to competent authorities?
Are financial providers in connivance with romance scammers who receive several amounts of transfers on their accounts?
Do financial providers benefit from the line of financial investments these romance scammers may have with their institutions and therefore have no motivation to report suspicious transactions?
Do financial providers envisage trust deficit with competent authorities regarding the effective investigations and prosecution of reported cases?
Romance scam involves fraudsters using fake online identity to exploit victims for financial gains and other sensitive information.
While scammers may use manipulative “games” to gain trust, their actions are illegal and cause significant financial and emotional harm to unsuspecting victims.
Emotional manipulation schemes serve as a primary method for laundering illicit funds from victims. These criminals use sophisticated means to lure victims into transferring funds, buying cryptocurrencies or shipping luxury items to them.
It is an undeniable fact that the consequences of being scammed are serious, including significant financial loss and emotional distress. Victims may experience the “devastating” impact of being deceived and manipulated by persons they thought had genuinely fallen in kind.
Romance scammers are experts at what they do and will seem genuine, caring, and trustworthy. Unfortunately, most of their targets are often outside the country where trust seem to be a key component of amorous relationships.
These victims tend to believe everything these scammers present to them. These scammers often claim they are in high-end businesses which include the building and construction industry and perhaps engaged in projects outside the country thereby making it difficult for the parties to meet physically.
These scammers then engage in several schemes including requesting for money from victims for medical emergencies or unexpected legal fee with the promise to repay as soon as they have access to their finances.
Most of these victims are vulnerable older men and women who are tricked into believing that they are in genuine online romantic relationships with people who put up fake identities.
Once the scammers had gained the trust of their victims, they deceive them into sending money through several means.
These scammers are not only into romance scams but also engaged in business email compromises to trick and deceive businesses into wiring funds to them.
Red flags
How is one supposed to know that he/she is being scammed via online amorous relationship?
If someone you meet online requests for your bank account information to deposit money, they are most likely using your account to carry out other theft and fraud schemes.
Where fraudsters request victims to open cryptocurrency exchange account to receive transfers, it can be converted into various cryptocurrencies and laundered across multiple crypto exchanges and then deposited into their own bank accounts.
The issue of fake contractual documents, loan agreements and promissory notes that they would repay any amounts requested from victims is also a common tactic.
Scammers use intimate words to create rapid emotional connection, making victims feel they have found genuine partners.
Scammers also ask for money, whether for travel, a family emergency or business.
Scammers often insist on unconventional payment methods like gift cards or cryptocurrency or the use of third-party bank accounts.
Scammers often claim they are abroad or have a job that prevents them from meeting unsuspecting victims in person, but they may ask them to send money for a visit that never happens.
Scammers may also ask their victims to keep the relationship secret, which can isolate them from friends and family who might offer a different perspective and help them to discover that the relationship is non-existent.
Scammers can use details from social media profiles to make their story more convincing and exploit personal information to manipulate their victims.
Effects of romance scam
The severe emotional and financial distress has led to cases where victims have considered or committed suicide when they got to know that they had been scammed by persons they thought had genuinely fallen in love with them.
Most victims transfer their life savings including their pension funds to these scammers as they mount financial pressure on them.
While other victims apply for loans and file for bankruptcy to meet the demands of their purported lovers, they end up causing financial loss or accumulate significant debt.
The betrayal of trust also causes severe emotional distress, heartbreak and leaves the victims at the risk of depression.
Scammers may also use intimate photos or videos, obtained earlier in the relationship to blackmail unsuspecting victims.
The bad experience may also cause subsequent loss of trust for people who genuinely fall in love with these victims.
Victims may also become suspects for criminal investigations because scammers may have pushed them into other criminal activities.
The Writer is a Financial Crime Specialist.
TRITA YEBOAH QUAYSON
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