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How to spot financial scams while looking for love this Valentine's Day

By
Mahsa Saeidi
Mahsa Saeidi
Mahsa Saeidi, a five-time Emmy Award-winning journalist and licensed attorney, joined CBS News New York as an investigative reporter in March of 2024.
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Mahsa Saeidi

/ CBS New York

Valentine's Day isn't just for lovers; it's also a holiday where financial fraud spikes.

Scams tied to love, gifts and loneliness can drain bank accounts, and security experts are warning people not to fall for hackers' tricks. 

Natasha Castillo from JPMorgan Chase educates New Yorkers about fraud. She's seen customers tricked into sending money to someone they've never met.

People will ask for money to help their family or to visit the victim. 

"I feel like a lot of times they know," she said. "But maybe they're either in denial or embarrassed." 

But the shame is what scammers rely on, Castillo said.

A criminal industry worth billions

The romance scams have also become more complex and are no longer sloppy or obvious. Castillo warned she has seen a lot of impersonation with masked voices and photos.

"It is a multi-billion dollar worldwide financial criminal industry," said National Cybersecurity Alliance's Cliff Steinhauer. 

He said the biggest red flag is when a romantic conversation suddenly turns to money.

"Once they take you off the dating site to a WhatsApp or Signal or other encrypted messaging platform, they can say whatever they want. Nobody's watching. Nobody's listening in per se," Steinhauer said. 

How to avoid romance scams

The FBI is reporting record-high numbers in romance scams, so agents are urging people to think twice about who they might be talking to.

The bottom line is to go slow. Never share personal financial information or send money, crypto or giftcards.

Once it's gone, there's almost no recourse.

If the person on the other end of the phone or computer is putting off meeting in person, be suspicious and talk to someone you trust. 

Anyone who is targeted should report it to the 

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