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.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
JD Vance and Scholz Did Not Come Together at the Munich Security Conference.
EU Official Participates in Discussions in Washington Amid Trade Strains
Qatar Contemplates Reducing French Investments Due to PSG Chief Investigation
Germany's Green Agenda Encounters Ambiguity Before Elections
Trump Did Not Notify Germany's Scholz About His Ukraine Peace Proposal.
Munich Car Attack Escalates Migration Discourse Before German Elections
NATO Allies Split on Trump's Proposal for 5% Defense Spending Increase
European Parliament Advocates for Encrypted Messaging to Ensure Secure Communications
Trump's Defense Spending Goal Creates Division Among NATO Partners
French Prime Minister Bayrou Navigates a Challenging Path Amid Budget Preservation and Immigration Discourse
Steering Through the Updated Hierarchy at the European Commission
Parliamentarian Calls for Preservation of AI Liability Directive
Mark Rutte Calls on NATO Allies to Increase Defence Expenditures
Dresden Marks the 80th Anniversary of the World War II Bombing.
Global Community Pledges to Aid Syria's Political Transition
EU Allocates €200 Billion for AI Investments, Introduces €20 Billion Fund for Gigafactories
EU Recognizes Its Inability to Close the USAID Funding Shortfall Due to Stalled US Aid
Commission President von der Leyen Missing from Notre Dame Reopening Due to Last-Minute Cancellation
EU Officializes Disinformation Code for Online Platforms, Omitting X
EU Fails to Fully Implement Key Cybersecurity Directives
EU Under Fire for Simplification Discussions Regarding Corporate Sustainability Reporting
Shein Encountering Further Information Request from the EU During Ongoing Investigation
European Commission Initiates Investigation into Shein as It Aims at Chinese E-Commerce Regulations
German Officials Respond to U.S. Proposal for Peace Talks with Russia
Senate Approves Robert F. Kennedy Jr. as Secretary of Health and Human Services.
Trump and Putin Engage in Discussions on Ukraine Peace Negotiations Amid Worldwide Responses
Honda and Nissan End Merger Talks
Highlights of New York Fashion Week Celebrate Iconic Comebacks and Rising Stars.
Trump Asserts BRICS 'Is Finished' in Light of Tariff Threats.
Trump's Tariffs Loom Over Major German Trade Exhibition
OpenAI Modifies Its Strategy in Response to Growing AI Competition
CPJ Report Indicates a Record High in Journalists Killed in 2024.
World Leaders Champion Ethical and Inclusive AI Governance at Paris Summit
Chinese Nationals Taken Off Flight at Kuala Lumpur International Airport
How Spain Transformed from High Unemployment to Eurozone Growth Leader
EU Promises Swift Response if New US Tariffs Are Introduced
The European Union Shifts Focus to AI Innovation Amid Global Competition (or at least this is what they claim)
Merz and Scholz Engage in Confrontation Over Migration and Economic Strategies in Pre-Election Debate
Tech Giants Boost Investment in AI Infrastructure Despite Competition
Europe Faces Growing Security Concerns and Trump's New Demands on Ukraine
Justin Bieber Sparks Concern as New Footage Raises Health Fears
European Right-Wing Leaders Celebrate Trump’s Impact on Global Politics
Germany Confronts Political Turmoil Before Sudden Election
Macron's AI Vision Encounters Obstacles in the Global Technology Race.
Reports of Pro-Russian Bots Attempting to Influence German Election Surface
'BACK TO PLASTIC!': Trump to End Bans on Plastic Straws
TikTok Sued Over Alleged Child Deaths Caused by 'Blackout Challenge'
U.S. Ally Claims Trump Has Distinct Credibility to Resolve Ukraine-Russia Dispute
At least ten fatalities confirmed in shooting at a Swedish school, authorities report.
Trump Administration Preparing Executive Order to Abolish the Department of Education
×