TDCI: Protect Your Heart – And Your Finances – When It Comes To Romance Scams!

NASHVILLE — With romance in the air as Valentine’s Day (Feb. 14, 2025) quickly approaches, the Tennessee Department of Commerce & Insurance’s Securities Division is warning investors about the prevalence of online romance scams.

Romance scams (which are also sometimes called relationship scams)

occur when a scammer adopts a fake online identity in order to gain a victim’s trust through the illusion of romance, intimacy, or friendship. After establishing a bond with their victims, the scammers will then lie, manipulate, and steal from their victims. In the end, the romance scam victims are left broken-hearted and might have lost their money and valuable personal information as well.

"While millions of people will use dating apps this Valentine’s Day to find that perfect someone, consumers should remember that scammers and fraudsters are also using online dating apps in order to search for their next target,” said TDCI Commissioner Carter Lawrence. “I remind Tennesseans to always remember that if a person – or a deal – sounds too good to be true, it probably is.”

To raise awareness about this problem, TDCI’s “Common Cents” campaign made romance scams the focus of a recent episode. 

How can you spot a romance scammer? Remember these tips:

• While you may want to meet, the scammer refuses to meet you in person. While you might want to meet, the romance scammer will conveniently live outside the United States or work on an overseas project.
• Asking for money or encouraging you to make investments. Eventually, this person will ask for money or for you to make an “amazing” business opportunity. Sometimes it might be fore a medical emergency. They may also ask you to send funds through a wire transfer or ask for your bank account details.
• You’re asked to pay an individual or firm that’s different than the one with which you thought you were investing. While you thought you were investing in a technology company, it’s really a nail salon or a foot massage business instead.

For more tips on romance/relationship scams, visit our latest blog post.

“While it’s easier than ever to make a connection through social media, it’s also increasingly risky since you may be dealing with a sophisticated scam artist,” said TDCI Assistant Commissioner Elizabeth Bowling. “I encourage Tennesseans to protect themselves and their wallets by asking questions, being skeptical, and never sharing their personal or financial information with someone they don’t know.”

Questions about an investment? Contact TDCI's Securities Division online at tn.gov/securities, by email securities.1@tn.gov, or call 800-863-9117.