Dutch banks worried about rise in dating app scams victims; Average loss of €25,000
More people are falling victim to investment fraud after making a connection through a dating app, with individuals losing an average of 25,000 euros, and in some cases, even hundreds of thousands of euros. Dating scams like "pig butchering," where a victim is lulled into a sense of security before being gutted, are on the rise, the Dutch Banking Association (NVB) said this week.
Already more than 160 victims of dating-related financial fraud have come forward this year, an increase of nearly 25 percent over the entirety of last year. The number of people reporting dating fraud has been increasing for some time. The Fraud Helpdesk recorded 108 reports in 2022, rising to 130 in 2023.
The actual number of victims in each of the past three years is believed to be much higher. Because of this, the NVB is not only concerned about the increase in this form of financial crime. It is also hoping that more victims speak out about their experiences, as are victim support groups and the police department.
Dating fraud is sometimes carried out by criminals posing as successful investors on dating apps and websites. These criminals build trust with individuals until they are willing to invest large amounts of money in schemes such as fake cryptocurrency trading platforms.
These scams are often backed by large international criminal organizations. Sometimes the scammers themselves are actually being extorted and forced to work off a debt in a boiler room type of environment.
But when it comes to dating-related scams, the breach of trust is often wrapped up with a sense of shame among the victims. This is not just due to the financial losses they face but also because they have fallen for the charms of a scammer. However, the NVB, victim support center Slachtofferhulp Nederland, and the police stress that this form of fraud is a "professional and manipulative scam." The victims' shame is understandable, but their feelings of embarassment are unwarranted, the three organizations stressed.
The organizations suggest that breaking the silence not only aids in the recovery process but also helps prevent further victims and supports the tracking of fraudsters. "Feelings of guilt and shame are human, but it is still advisable not to keep them to yourself," said Rebecca Smits from Slachtofferhulp Nederland.
"It can cause you to lose trust in others and even lead to depression. You don’t have to do it alone—support can truly help you move forward."
