RENO, Nev. (KOLO) – Nevada Secretary of State Francisco Aguilar is warning of romance scams as Valentine’s Day approaches.
Aguilar says the scams are a fast-growing form of fraud that blends emotional manipulation with fake investment opportunities.
“Romance, friendship and other relationship investment scams prey on trust and emotion, often leaving victims with devastating financial losses. Victims may not immediately see the red flags, because scammers know how to exploit powerful emotions like loneliness, excitement, financial stress or fear,” said Secretary of State Francisco Aguilar. “If someone you meet online starts talking about investments, promises easy money or pressures you to act quickly, that’s a clear warning sign.”
Consumers reported $12.5 billion in losses due to these types of scams in 2024, according to the FTC.
Aguilar provided these tips:
Red Flags to Look Out For:
- Relationship scams often begin on dating apps, social media platforms, messaging apps, or through unexpected “wrong number” text messages. Criminals use fake profiles, photos, videos, and even AI-generated voices to appear attractive, credible, and successful.
- Once contact is made, scammers send frequent messages to build trust and emotional attachment before asking for money. What often starts as a small request can quickly escalate into devastating financial losses.
- In other cases, they often claim to have made significant profits trading cryptocurrency, precious metals, or foreign currency thanks to special knowledge or insider help. Victims are told investing is easy and are encouraged to participate, only to be directed to fraudulent trading platforms secretly operated by organized criminal groups.
Steps you can take to protect yourself:
- Check Before You Invest: Fraudsters might also impersonate legitimate investment professionals — and many use phony personal websites to bolster their credibility. Individuals and companies are required to be licensed in the State of Nevada if they conduct securities business in or from the state. How to check:
- Call the SOS Securities Division: (702) 486-2440
- Check online:
Search for broker-dealers and their agents here
Search for investment advisers and their representatives here
- Confirm Any “Urgent” Pleas from Family and Friends: Be on the lookout for scammers using AI technology to impersonate family or friends. AI-generated tools might be able to access personal information about you online or on social media, so be wary of any unsolicited communication asking you to invest your money — even if it sounds like it was written just for you.
- Consider creating a password or phrase for family members to verify their identity in case of an emergency.
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