Your potential love interest convinces you to invest money in a ‘profitable investment’. They reinforce the story by sharing evidence of their own supposed successes. It looks trustworthy and appealing, so you transfer a substantial amount of money to your love interest or to a so‑called investment platform. After some time, it becomes clear that you have been lured into a trap by online criminals. The investment and the platform do not exist, your online lover is not the person in the photos, and all the incentives such as screenshots or examples turn out to be fake.
"}},{"componentType":"sectionTitle"},{"componentType":"paragraph","title":"Love and a small win","richBody":{"value":"You are the victim of relationship investment fraud, also known as ‘pig butchering’. This form of fraud combines dating fraud and investment fraud. Victims are first ‘fattened up’ with small financial wins and affectionate messages. They are then completely stripped of their money, often with severe financial consequences. This practice originated in China around six years ago and spread worldwide in 2019, at the same time as the coronavirus. According to ING, fake apps and websites used by online scammers often look very realistic and convincing. There is frequently even a ‘customer service’ function people can contact. As a result, the investment platform appears legitimate and does not raise suspicion.
Victims of investment fraud are often left shocked and in disbelief. Linda de Vente, a first-line adviser in Geldfit’s call centre, sees this every day. In collaboration with ING, she speaks with people who have been scammed. But how do these victims come to light? ING sometimes notices unusual transfers on a customer’s account. If fraud is confirmed, the bank blocks the account as a protective measure. The bank then contacts the customer and, if dating or investment fraud is involved, offers to connect them anonymously with Geldfit.
Linda de Vente explains: "Some people already had a suspicion and feel guilty. We try to make it clear that it’s not their fault. These scammers are extremely sophisticated. Still, it is harder for people to believe me on the phone than someone with whom they have built an intense online relationship over a long period, sometimes even years." Quite often, the person on the line is angry. "They are completely devoted to someone and angry at the bank or at us because they are no longer allowed to transfer the money. They simply don’t believe that the person they have been in contact with for years has bad intentions."
"}},{"componentType":"sectionTitle"},{"componentType":"paragraph","title":"Money is not always the real problem","richBody":{"value":"De Vente also encounters distressing cases where money is not even the core issue. "It happens that victims can easily afford to lose €20,000. As long as they receive some attention in return, they are fine with it." Loneliness is the trigger, and criminals exploit that. "People miss love and attention. That’s why the first contact almost always starts via a dating app." The victims Linda speaks to are often over 40 and lack a social safety net. They also frequently have little knowledge of investing.
One example involves a female victim who is drawn in after fraudsters gain remote access to her computer, supposedly to make investing easier. She loses everything and is left without money for food. "She sold her caravan and valuable family heirlooms she had inherited from her parents just to be able to buy groceries," says De Vente. "She is relieved that it was discovered relatively early. People are sometimes pushed to continue and even to take out loans. Fortunately, it didn’t go that far." The woman blocks the scammer’s account, changes her passwords and revokes access to her computer.
To prevent repeat incidents, Geldfit connects people with support organisations. This can include local initiatives to combat loneliness, from sewing clubs to neighbourhood teams. "For victims, it’s not just about the financial situation, but also about human contact," De Vente explains. "Talking to people in your own environment helps. Being able to share what has happened to you. Or reading similar stories from others in a peer support group."
"}},{"componentType":"sectionTitle"},{"componentType":"paragraph","title":"A safer digital rendezvous","richBody":{"value":"Scammers constantly come up with new tricks and excuses. By doing a few checks, you can reduce the risk of becoming a victim of online dating and investment fraud.
A shorter version of this article previously appeared in the Telegraaf’s Financial Growth special.
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