Romance Scams Are Growing. Here’s Why.
By Michael B. Cohen, Vice President of Global
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One of the more underreported effects of the coronavirus pandemic is how it has completely changed the culture of dating. As you would expect, subscriptions to online dating sites have skyrocketed, and downloads of dating apps have gone into overdrive. And that, in turn, has led to an ominous development that singles of all ages should be made aware of.
According to the Federal Trade Commission, Americans lost $201 million to romance scams in 2019, an increase of 40% from 2018. Statistics indicate that the numbers may rise this year at an even faster pace. Estimates are as much as 35% to 40% faster.
In Britain, reported romance scams are currently growing at a rate of 26%, with the average loss totalling just over £10,000. Down under in Australia, victims reported losses of AU$26.6 million to romance scams in the first nine months of this year alone, an increase of 40 percent.
Lockdowns, closures, quarantines, social distancing, and similar measures that have been used to restrict the spread of the virus have combined to make it virtually impossible for singles to mingle in person. And without being able to easily meet new people singles are lonely. So they have turned to smartphone apps instead, where scammers lie in wait, ready to engage in what is commonly called ‘catfishing.’
Another contributory factor to the rise in romance scams is that the typical song and dance stories that scammers tell their victims are much more believable since the pandemic began: They can’t travel, so they can’t meet right now. They’re either working on an oil rig in the middle of the sea or soldiers on duty with their army in Afghanistan or physicians volunteering in a jungle to eradicate a disease. Meanwhile, their fathers or mothers are hospitalised back home (with COVID-19, of course) and they’ve gone broke paying the bills, so please send money. Better yet, make it bitcoin or gift cards (but won’t mention they prefer those payment options because they are anonymous). They’ll swear they’ll pay you back when it’s over. Oh, and of course, they’ll promise they’ll marry you too once they can get out of wherever they are stationed.
If you are noticing a difference, MyChargeBack can explain why. We are proud to announce the publication of a new White Paper, entitled Network Effect: The Consequences of COVID19 on Banking, Commerce and Consumers May Be Permanent and Profound. We invite you to download a copy on our website.
A chargeback will not be approved by your bank unless it carries the correct Reason Code. And if you get it wrong, you cannot re-submit the request. You have one chance to get it right, which is why the assistance we at MyChargeBack provide to cardholders is so critical to your success.
We have now added a new page on our website that explains what Chargeback Reason Codes are, especially when the transaction in question involves a complex dispute. We’ve also included a chart that allows you to compare and contrast the timetables for each major credit card, which can vary depending on the reason code that was selected.
MyChargeBack UK provides free initial consultations. If MyChargeBack UK is engaged to assist with the processing of a chargeback or other fund recovery service, it will be offered to you on a no-win, no-fee basis, and as part of the claims management service for which the company is authorised and regulated by FCA. Certain QFL services, such as cryptocurrency blockchain analysis and cyber investigative services, fall outside the scope of QFL’s regulated activities and, therefore, will not be subject to regulation by the FCA. The preparation of such reports may be subject to retainers and/or fees. Please note that QFL does not offer any financial or investment advice.
The correspondence address for QFL is 21 Bedford Square, London WC1B 3HH, United Kingdom.
MyChargeBack UK regards phishing and spoofing attempts against our clients very seriously. We advise you to verify that the email you receive from MyChargeBack UK is indeed sent from mychargeback.co.uk. If you are sent any type of communication carrying our name that looks suspicious, please forward a copy to us at [email protected]