Don’t let Cupid’s arrow deceive you this Valentine’s Day.
The Mississippi Secretary of State’s Office is warning the public to be on the alert for “romance scams” and “relationship investment scams,” a form of fraud utilizing emotional manipulation and fake investment opportunities.
“Our office has continued to see an uptick in securities-related scams, and we encourage Mississippians to exercise caution with their hard-earned dollars,” Secretary of State Michael Watson said. “With the ever-changing landscape of technology, including artificial intelligence and cryptocurrency, we must remain vigilant.”
Relationship investment scams are a fast-growing type of romance fraud, reporting financial losses in the billions. In the North American Securities Administrators Association’s annual survey of top investor threats, romance and affinity scams consistently rank among the most serious risks facing consumers.
These types of scams often begin on dating apps, social media platforms, messaging apps, or through unexpected “wrong number” text messages. Scammers use fake profiles, photos, videos, and AI-generated voices to appear attractive and credible. Upon establishing contact with their targets, scammers send frequent messages to build trust and emotional attachment before asking for money.
Typically, they will then encourage their victims to participate in their investments, only to direct them to fraudulent platforms operated by criminal groups. Small requests can quickly escalate into devastating financial losses for unsuspecting consumers, Watson said.
Mississippians are encouraged to have these scams in mind when perusing social media or dating apps this time of year. Those suspecting that they arebeing scammed by someone claiming to be a financial broker or advisor can verify that person’s credentials through the Secretary of State’s office’s online search tool.