Is AI Making It More Challenging to Recognize Romance Scams, Even with Love at First Sight?
With more individuals turning to dating apps and social media to seek love nowadays, there is also a rise in romance scams as artificial intelligence complicates distinguishing between reality and fiction.
Larry Zelvin, the head of BMO’s financial crimes unit, notes that AI and social media are transforming the landscape.
While financial institutions utilize AI systems to uncover fraud, scammers leverage the same tools to create more sophisticated messages and videos for their deceitful activities.
“AI will also make it easier for individuals interested in perpetrating fraud who are unwilling to exert effort,” Mr. Zelvin explains.
“It will streamline their tasks and enhance the credibility of their schemes, which is particularly alarming.”
In a romance scam, fraudsters reach out to potential victims using fake profiles and cultivate online relationships with them to exploit later.
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Criminals use deep fake technology to produce videos giving the impression of real interactions, while generative AI may engage with potential victims in online chats.
These fraudsters come up with various excuses for avoiding in-person meetings, such as frequent travel or long absences due to work commitments.
Once they establish a connection, they often make urgent pleas for assistance, citing emergencies and promising swift repayment, or request money for travel expenses to meet in person.
Mr. Zelvin emphasizes that soliciting money should raise a red flag.
“A major warning sign is when someone asks you for money,” he warns.
Fraudsters might also propose moving communication away from the original dating or social media platform to harder-to-track channels.
Not all requests involve direct money transfers; in some instances, fraudsters might ask victims to deposit a check on their behalf and forward the money before the check clears, or assist with other financial matters.
In a different scenario, scammers may invite victims to invest in seemingly lucrative opportunities like cryptocurrency alongside them, leading them to fake apps or websites that steal their money. They might even show initial profits to entice victims into larger investments, which ultimately get pilfered.
Scammers employ even more devious tactics in some cases.
They scour obituaries to identify bereaved individuals, tailoring their fake profiles to resemble the deceased partner of the potential victim to enhance their appeal.
Romance scams can be emotionally and financially devastating for victims.
Jeff Horncastle, a spokesperson for the Canadian Anti-Fraud Centre, reports $52.4 million in losses due to romance fraud in 2023, though he estimates only a fraction of victims report the crime, often due to shame.
Mr. Zelvin mentions that fraudsters target various demographics, including the elderly, youth, men, and women.
“They focus on individuals active on social media seeking companionship, particularly those feeling lonely or having experienced significant losses—people in vulnerable positions,” he adds.
If you fall victim to such scams, Mr. Horncastle stresses there is no shame and urges victims to report the incident to the police, as their information could aid investigations into other cases.
“We not only use this information for preventive measures but also link it with reports from across Canada and international law enforcement agencies for investigations,” Mr. Horncastle explains.
“So, by sharing your details, you might be providing the missing piece of the puzzle.”
