Romance Scams Change How Victims Date Long After the Money Is Gone

The financial damage from romance scams can be significant, but the effects on trust may last even longer. New survey data cited by DatingNews found 56% of romance scam victims never recovered any of the money they lost, while 64% struggled to trust new people afterward and 84% became more cautious with their money. Romance scams affect generations differently: 30% of Gen Z victims were targeted within 24 hours of connecting with someone, while Gen X victims lost an average of $2,042.

The findings create opportunities for businesses that can help consumers protect their finances, identities and emotional well-being. Sellers can consider banks and credit unions, financial advisors, cybersecurity and identity-protection services, counseling services, dating and matchmaking services and senior-focused organizations, with campaigns centered on education, fraud awareness, security and rebuilding trust.