SCC cautions Virginians: Don’t Let Romance Scams Steal Your Heart or Your Money

On Valentine's Day (or any time of year), don't be fooled by romantic messages from online strangers with promises of too-good-to-be-true investment offers.

The State Corporation Commission's Division of Securities and Retail Franchising cautions Virginians to be on guard against romance scams and so-called "relationship investment scams," fast-growing forms of fraud that blend emotional manipulation with fake investment opportunities.

Relationship investment scams are a particularly damaging type of romance fraud, causing annual reported losses of more than $1 billion. In an annual survey of top investor threats conducted by the North American Securities Administrators Association, of which the Division is a member, romance and affinity scams - in which a fraudster targets specific groups to promote fraudulent investments - consistently rank among the most serious risks facing investors nationwide.

"This Valentine's Day, make sure Cupid is aiming for your heart and not your wallet," said Doug Joyce, director of the SCC's Division of Securities and Retail Franchising. "Romance and relationship investment scams prey on trust and emotion, often leaving victims with devastating financial losses. If someone you meet online starts discussing investments, promises easy money with little or no risk, or pressures you to act quickly, those are clear warning signs," Joyce said. "Checking with our Division before investing can help stop a scam before it breaks both your heart and your bank account."

Relationship scams often begin on dating apps, social media platforms, messaging apps, or through unexpected "wrong number" text messages. Criminals use fake profiles, photos, videos and even AI-generated voices to appear attractive, credible and successful. Once contact is made, scammers send frequent messages to build trust and emotional attachment before asking for money. What often starts as a small request can quickly escalate into considerable financial losses.

In some cases, scammers claim to have made significant profits trading cryptocurrency, precious metals or foreign currency thanks to special knowledge or insider help. The scammers tell victims that investing is easy and encourage them to participate, only to direct them to fraudulent trading platforms secretly operated by organized criminal groups. During 2024, the Division conducted 149 investigations into these types of schemes, of which 12 led to civil enforcement actions. Two involved cryptocurrency and 33 involved fraud.

As these schemes evolve with headlines and technology, the Division is increasingly seeing complaints involving digital assets and artificial intelligence.

Joyce offers the following tips to protect yourself:

• Be skeptical: Beware if a new love interest asks for money or offers investment advice.
• Do not send money: Never send money to someone you have not met in person.
• Verify identity: Do not rely on photos or online interactions.
• Report scams: Report suspicious activity to the Division, the FTC, the dating platform or local law enforcement.

For questions or to learn more, contact the Division at 804-371-9051 or visit InvestWiselyVA.com. You may also visit NASAA.org for investor education resources, scam warnings and tools to help you protect yourself and your loved ones.

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Contact: Katha Treanor, 804-371-9141

Source URLs:

https://www.scc.virginia.gov/consumers/consumer-investments/
https://www.nasaa.org/