Banks Report Rise in Dating Scams, Suggest Better User Protection

The Netherlands is seeing a sharp rise in scams tied to dating apps, with victims losing an average of €25,000, according to the Dutch Banking Association (NVB). This is just one country among many to have seen a rise in these scams recently, with more and more users falling victim to romance scams in recent years – this year, over 160 victims of such scams have come forward, marking a nearly 25% increase compared to 2022

Dubbed “pig butchering,” these scams involve criminals posing as trustworthy individuals on dating platforms, then gaining their targets’ confidence before coercing them into fraudulent investments, often in fake cryptocurrency schemes. Experts believe the true number of cases is significantly higher, as many victims are reluctant to report their experiences due to shame and guilt.

It’s important to note that these scams are part of large, professional operations, sometimes involving international crime networks. This means that better protection – primarily from the dating platforms that they’re on, but also from their own support networks where possible – could become necesary to combat this rise in scams.

Dating platforms may need to take a more proactive role in scam prevention and user security to address this alarming trend. While many apps already have measures in place, such as user verification and reporting tools, the sophistication of these scams suggests that stronger protections are required. If these scams only continue to get more widespread, the platforms that protect their users best could see an influx of users that want the added security.