Catfishing for Money Scam
Americans lost $12.5 billion to fraud in 2024, according to the FTC.
Quick Answer
Catfishing scams use fake online personas to trick people into relationships for financial gain, with reported losses totaling $1.14 billion in 2023 alone.
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How It Works
1
A scammer creates a fake online profile on dating apps or social media, using stolen photos and fabricating an attractive identity to lure a victim.
2
The catfisher initiates contact and builds a relationship over weeks or months, using tactics like 'love bombing' with constant affection and attention to gain the victim's trust and emotional investment.
3
Once trust is established, the scammer invents an urgent, elaborate story requiring money, such as a medical emergency, a business crisis, or travel costs to visit the victim, and pressures them to send funds.
4
The requests for money escalate over time, and the scammer may also trick the victim into a cryptocurrency investment scam, promising huge returns, until the victim either runs out of money or realizes it's a scam, at which point the catfisher disappears.
Red Flags
- They refuse to meet in person or participate in a video call, often using excuses like a broken camera.
- Their online profile seems too perfect, with professional-quality photos and a limited, recent social media history.
- The relationship moves extremely fast, with declarations of love early on.
- They ask you for money, gift cards, or cryptocurrency, often for a sudden, dramatic emergency.
- Their stories have inconsistencies, or they are vague when asked about personal details.
- They claim to be working overseas, in the military, or on an oil rig, making it difficult to meet.
- They try to isolate you from your friends and family or ask you to keep the relationship a secret.
What to Do If Targeted
- Immediately stop all communication with the suspected scammer.
- Do not send any more money. If you have sent money, contact your bank or the payment service you used immediately to see if the transaction can be reversed.
- Talk to a trusted friend or family member about your experience for support.
- Perform a reverse image search on their profile pictures to see if the images are associated with other names or profiles.
- Save all communications, including chat logs and emails, as evidence for law enforcement.
- Report the fake profile to the social media platform or dating site where you met.
How to Report It
- FTC — File a fraud report with the Federal Trade Commission. This data helps investigators identify and stop scam networks.
- FBI IC3 — Report internet crime to the FBI's Internet Crime Complaint Center (IC3), especially if you have suffered a financial loss.
- FCC — File a complaint about phone scams, robocalls, or unwanted calls with the Federal Communications Commission.
- AARP Fraud Helpline — Call 877-908-3360 for free support from trained fraud specialists. Available to anyone, not just AARP members.
Key Statistics
- Reported losses to romance scams totaled $1.14 billion in 2023. — FTC 2024
- The median loss per person in a romance scam was $2,000 in 2023, the highest of any imposter scam category. — FTC 2024
- The FBI's Internet Crime Complaint Center (IC3) received 17,910 romance scam complaints in 2024, with total losses exceeding $672 million. — FBI IC3 2026
- Americans age 60 and over lost more than $356 million to confidence/romance scams in 2023. — FBI IC3 2023
- According to the BBB, the median dollar loss for romance scams rose from $1,411 in 2022 to $3,600 in 2023. — BBB 2023
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Frequently Asked Questions
Catfishing for money is a type of online fraud where a scammer creates a fake identity to enter into a relationship with someone. After gaining their trust, the scammer fabricates stories to manipulate the victim into sending them money, gifts, or financial information.
In 2023, consumers reported losing $1.14 billion to romance scams, which include catfishing, with a median loss of $2,000 per person. The FBI's Internet Crime Complaint Center (IC3) received reports of over $652 million in losses from confidence and romance scams in the same year.
No, people of all ages are targeted by catfishing scams. While older adults often report higher individual financial losses, FTC data from 2020 showed that the number of reports from people aged 20-29 more than doubled from the previous year. Anyone active on social media or dating apps can be a target.
Recovering money lost to a catfishing scam is very difficult and rare because scammers quickly move the funds, often overseas or into cryptocurrency. It is crucial to contact your bank immediately after sending money and report the fraud to law enforcement agencies like the FBI, but recovery is not guaranteed.
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