Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Love Scammers Exploit Emotions to Reap Billions

In the lead-up to Valentine's Day, Erste Bank issues a warning about a surge in romantic or love scams a variant of the so-called Nigerian scams that have proliferated online in recent years through emails, social media, and dating sites.
According to Erste Bank, these swindlers create the illusion of a romantic relationship with their chosen targets, striving to earn their trust and convincing them of a genuine love connection. Victims often willingly transfer money to their “beloved” or recklessly provide access to their banking details and online banking credentials.

“The emotional and financial damage caused by love scams needs to be addressed. Most victims are too ashamed to seek help, so it’s crucial that banks and authorities are informed about these cases to prevent and potentially reduce the extent of the damages,” as quoted by Anna Kósa, Erste’s Head of Compliance. With Valentine’s Day approaching, the bank has taken to its website and social media platforms to raise awareness of these scams and has also gathered tips on how customers can keep their money safe.

Globally, the reach of romantic scams is widespread. In the United Kingdom, authorities received over 8,000 reports, with losses exceeding 92 million pounds (equivalent to 41.6 billion Hungarian forints), while in the United States, the FBI received more than 19,000 reports in 2022 with nearly 740 million dollars (approximately 265 billion forints) transferred to criminals.

Even though there are no similar statistics available for Hungary, data from the Hungarian National Bank shows that criminals caused over 9 billion forints of damage in the third quarter of the previous year with fraudulent transfers related to scams, which is more than in the entire year of 2022. Many of these scams include some form of psychological manipulation.

Erste’s experiences also suggest an increase in attempts by romance scammers, particularly targeting middle-aged single women in their forties and fifties, though an increasing number of lonely men have become victims as well. The bank also shared specific examples:

- A female client was planning a life and house purchase with her overseas “lover” she had never met in person, to whom she provided access to her own bank account for transferring money needed for the real estate purchase.

The bank also provided tips on avoiding such scams:

- Be vigilant when socializing online! If anyone asks for bank details or money transfers, be suspicious and contact your bank.

- Never share your bank card details, PIN, or online banking credentials, as doing so grants access to your money.

- If someone comes up with an incredible story that seems too good to be true, be skeptical.

- Exercise caution with messages on dating sites, as you cannot always be sure who is behind the profile.

- If you can, look up the person on social media and the internet to check if the information they've given you matches up.

- If the person contradicts themselves or tells the same story differently multiple times, be wary.

Finally, the bank advises that victims of such scams should call their customer service and, after consultation, file a police report, which should also be forwarded to the bank to assist with their investigation.
Newsletter

Related Articles

0:00
0:00
Close
Elon Musk's AfD Endorsement Ignites Controversy from neo-Nazis who accuse the AfD of being what they themselves are
Chinese startup AGIBOT has started large-scale manufacturing of versatile humanoid robots.
EU Orders Apple to Open Up: A Bold Move Against Corporate Monopolies
Trump Recognizes Some Advancement in Ceasefire Initiatives for Ukraine Conflict
Tragic Loss in the Montserrat Mountains: Mango Founder Isak Andic Passes Away in Hiking Accident
Hungary's Balancing Act: Boosting Influence While Managing Economic Stability and Political Controversies
Failing the Test of Leadership: Netanyahu's Security Missteps
Pope Francis' Call for Compassion: Balancing Humanitarian Needs with Socio-Economic Realities
Pozitív Fordulatok és Új Lehetőségek: Oktatás, Gasztronómia és Sport Magyarországon
Magyarország szerepe az uniós szankciók kérdésében: Az energetikai stabilitás és az EU egységének egyensúlya
Romanian Authorities Thwart Armed Mercenary Plot, Drawing Parallels to U.S. Capitol Riot
Strategic Explosions: The Volatile Intersection of Guerrilla Tactics and Geopolitics in Ukraine
Austria's Dilemma: Repatriation of Syrian Refugees Amidst Fragile Peace
The Rising Tide of Aridity: Unmasking a Global Threat
Polarization: The Word That Unites a Divided Era
The TikTok Conundrum: A Battle for Free Speech and Innovation
A Test of Balance: Self-Defense and Judicial Equity in Germany
The Compass of Time: Unraveling the 2024 Person of the Year
Swift's Epoch: Revolutionizing Concert History with the Eras Tour
Storm Darragh Ravages the UK: A Pre-Christmas Tempest of Destruction
Enduring Peace or Strategic Uncertainty: Zelensky's Bold Plea Amidst Ukraine's Woes
Notre-Dame Rises Again: A Symbol of Resilience Amidst Turbulent Times
UAE Invests in Quantum Leap: A Bold Move Towards a Trillion-Dollar Future
Dutch Parliament's Controversial Motion Ignites Nationwide Protests
Integration or Intrusion? The Dutch Debate Over Migration Data
Bananas and Cocaine: The Unseen Paths of a Global Epidemic
The Surveillance Mirage: When Millions of Cameras Fail to Deliver Justice
Navigating the Digital Storm: Taylor Swift's Diplomatic Dance in Celebrity Showdowns
Justice Denied: Outrage in Germany as Legal System Fails Rape Victim
Storm Darragh's Menace: UK Prepares with Rare Emergency Alert
Guardians of Safety: Balancing Security and Freedom in Modern Europe
Germany Averts Christmas Market Terror Attack Amid European Political Turmoil
The European Energy Conundrum: Navigating Dependency and Independence
France at a Crossroads: Navigating Political Tumult and Economic Divergence
Britain Leads Charge in AI Safety Amid Global Challenges
A Conflict Beyond Borders: Navigating the Complexities of Israel and Gaza
Georgia's EU Saga: Aspirations, Challenges, and a Nation Divided
Macron's Gamble: Navigating France's Political Tempest
Macron Faces Political Upheaval Amidst France's Government Collapse
Addressing the Human Toll: Europe's Struggle Against Human Trafficking
Georgia's Democratic Challenge: Balancing Between Europe and Sovereignty
Major Events Unfold Worldwide: From New York Tragedy to Californian Quake Relief
A Name’s Ascent: Muhammad Tops Baby Name Charts in England and Wales
Nepal Embraces China's Belt and Road Initiative: A New Geopolitical Battleground?
Georgia's Political Turmoil: A Nation Divided Amid Opposition Crackdowns
Bitcoin's Historic Leap: A New Era or Just Another Bubble?
Nissan’s Challenge: Preserving a Legacy in the Age of Electric Vehicles
South Korea's Democracy Tested: President Yoon’s Martial Law Reversal Sparks Political Reckoning
China Restricts Export of Key Minerals to the US Amid Trade Tensions
Seoul in Crisis: Yoon Suk Yeol's Martial Law Blunder Triggers Political Upheaval
×