*First National Community Bank’s blog does not constitute legal, tax, accounting, investment or other professional advice. Recipients should consult their professional advisors for advice.

At First National Community Bank, we care about your financial security. Online romance scams, often involving crypto or foreign currency trading, are a growing concern. Criminal organizations use fake identities to manipulate people into sending money, often with promises of quick profits. In 2023 alone, these scams resulted in losses exceeding $3.5 billion. Here are some essential tips to help you avoid becoming a victim:

1. Keep Conversations on the Platform:  If someone you meet online asks to move your conversation to a private messaging app, be cautious. Romance scammers often try to move discussions away from social media platforms where their activities are easier to track. Stick to communicating through trusted platforms until you can fully verify the person’s identity.

2. Never Send Money to Strangers:  If someone you’ve just met online begins asking for money, whether for an emergency or an investment opportunity, it’s likely a scam. Romance scammers often convince their victims to send money for fake investment opportunities like cryptocurrency or foreign currency trades. Always be suspicious if they insist on keeping the transaction private. Be wary of individuals who claim to be wealthy due to insider knowledge about crypto trading or foreign currency markets. These scammers often tell elaborate stories about their financial success and offer to share "exclusive" tips with you. If it sounds too good to be true, it probably is.

3. Research the Person’s Identity:  Take steps to verify the identity of anyone you meet online. You can reverse-search their photos using tools like Google Images to see if the pictures appear in other contexts, particularly in known scams. Conducting a basic search on their name or any details they provide can help you spot inconsistencies or red flags.

4. Avoid Investing in Unverified Websites:  Romance scammers often direct victims to untrustworthy trading platforms that only accept cryptocurrency payments. Research any website you’re asked to invest through. Check the site's registration status to ensure it’s legitimate, and be wary of any platform that promises guaranteed returns with no risk.

5. Report Suspicious Activity:  If you believe you’ve encountered a scammer, report it. You can file a complaint with the Commodity Futures Trading Commission (CFTC) at cftc.gov/complaint or the FBI at ic3.gov. Alerting the relevant platform can also help prevent others from falling victim.

By staying vigilant and following these steps, you can protect yourself from the financial and emotional harm caused by romance scams. For more information on protecting yourself, visit the CFTC’s* guidelines on online financial fraud by visiting: https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/RomanceScam.html

As your locally owned community bank of choice, the success of your financial future is top of mind. We offer Personal Checking Accounts, Money Market Accounts, Personal Savings Accounts, CDs, IRAs, Mortgages, Personal Loans, Personal Credit Cards, Business Credit Cards and Business Loans of all shapes and sizes.

*This article references guidance from the Commodity Futures Trading Commission (CFTC) on preventing online financial romance frauds. To learn more, visit cftc.gov.

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