From Virtual Love to Real Losses: The Rising Threat of AI-Fueled Romance Scams

According to the Federal Trade Commission, romance scams have caused losses of more than $1.14billion with the average loss per survivor is $2,000, making them the most expensive imposter scam out there.

Ahead of Valentine’s Day, Dan Holmes, senior fraud and identity expert at Feedzai, a cloud platform for managing financial risk, warns that these AI-enhanced scams are not only becoming more common but also more convincing.