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How to Get Your Money Back from a Romance Scam

How to Get Your Money Back from a Romance Scam

April 28, 2024 By Peter Leave a Comment

Dealing with the aftermath of a romance scam can be a daunting task, especially when it comes to trying to recover your lost funds. Match Group's CEO expressed sympathy for victims but acknowledged that unfortunate events can occur in life.

Rising Trend of Romance Scams

Romance scams, particularly targeting baby boomers and older individuals, are on the rise on dating platforms, as highlighted by the Federal Trade Commission. In the previous year alone, the FBI's Internet Crime Report revealed that Americans fell victim to over $650 million in romance scams. The FTC, with a broader scope, reported a staggering $1.3 billion loss to these scams in 2022.

Insights from Match Group's CEO

Bernard Kim, the CEO of Match Group, discussed the escalating threat posed by online romance scams orchestrated by individuals overseas in a conversation with CBS News. Match Group, the parent company of Match.com and Tinder, stands as the largest online dating entity in the United States.

Kim emphasized the company's commitment to ensuring user safety on their platforms, despite the challenges posed by scammers. He acknowledged the empathy he feels for victims of such scams while underscoring the paramount importance of prioritizing user safety.

Actions Against Scams

The FTC filed a lawsuit against Match Group in July 2022, alleging that a significant percentage of daily Match.com registrations were linked to fraudulent activities. Match Group refuted these claims, asserting that they are actively collaborating with law enforcement to combat scams.

Match Group has initiated various romance scam prevention campaigns and implemented educational measures within their apps to inform users about common scam tactics and how to avoid falling victim to them.

Challenges in Recovering Lost Funds

Recovering money lost to scammers is a complex and challenging process, with authorities highlighting the low success rate in recouping all lost funds. Instances like the Polk County Sheriff Grady Judd's revelation in Florida, where only a fraction of the stolen amount was recovered, underscore the difficulties faced by victims.

If you have made payments to scammers, the FTC recommends reaching out to the involved company to explore potential options for recovering the funds.

Despite requests for comments, Match Group did not provide immediate feedback to Business Insider's inquiry.

Source: Adapted from Business Insider

—————————————————————————————————————————————
By: kniemeyer@insider.com (Kenneth Niemeyer)
Title: How to Get Your Money Back from a Romance Scam
Sourced From: www.businessinsider.com/match-group-ceo-romance-scams-victims-lawsuit-2024-4
Published Date: Mon, 29 Apr 2024 00:29:51 +0000

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