Tips to protect your bank account (and your feelings) from romance scammers

Gugs Mhlungu spoke to Christo de Wit, Luno country manager for South Africa. 

Listen to their conversation in the audio clip below.

For many, the struggle to find love is real.

So, when you think you've found "the one," it feels like you've hit the jackpot. 

However, it's essential to remember that some individuals exploit our feelings for malicious gains. 

According to de Wit, scammers often initiate relationships online.

This could happen on a dating site, through social media, or via a random WhatsApp message - even if you don't know the person.

He explains that they will start a conversation, and as the relationship develops, they work on gaining your trust.

Over time, this can lead to them introducing schemes that involve investments or cryptocurrency, presenting it as a way for you to earn significant returns.

Once they have your trust, these scammers typically ask you to send them cryptocurrency or money, and after you comply, they disappear or ignore you. 

De Wit emphasises that this process takes time, noting that "criminals have become patient", with scammers often acting as if they are genuinely interested in a real relationship.

"The victim doesn't see it coming...they don't know they are being scammed." 

- Christo de Wit, Luno country manager for South Africa

While romance scams are not new, the methods criminals use to deceive people are becoming increasingly sophisticated, making it important to recognise the warning signs. 

Here are some tips from Luno South Africa to protect your finances and emotions:

1. If you meet someone online, set up a video call early on and communicate via video regularly. If they say they can’t do this, be cautious.
   
2. Don’t be misled by fancy jargon that makes it seem like the person has unique knowledge about cryptocurrency. Many individuals are still learning about crypto, and scammers exploit this knowledge gap.

3. Never send money to people you meet online. If someone pressures you to do so, be extra wary.

4. Avoid sharing personal information, such as login details, ID numbers, account numbers, or passwords.

5. Do not send compromising pictures that could be used for blackmail.

6. Investigate the person’s online presence. Try performing a reverse image search on their profile pictures. If the details don’t line up, it’s most likely a scam.

7. If something feels suspicious, stop all communications immediately by blocking the person on every social media platform.

"There are even deep fakes where they would have video calls with the victim and pretend to be someone who they're not. So, it's very difficult to spot these. I think the most important thing is if you strike up a relationship online and you've never met the person in real life, never ever part with your money, your crypto, your investments. Take a very very cautious approach."

 - Christo de Wit, Luno country manager for South Africa

Scroll up to listen to the full conversation.