Romance Scams Put Millions of Adults 50-plus at Risk: Here is What You Need to Know

WASHINGTON—Romance scams are on the rise, and new research from AARP shows millions of older adults are being targeted online. Nearly 1 in 10 adults age 50 and older – that's 11 million Americans — have made what they believed to be a romantic connection online and were ultimately asked for financial help or encouraged to invest in cryptocurrency, leading to often severe financial and emotional distress.

Adults ages 50 to 64 are especially at risk, receiving fake solicitations at more than double the rate of those 65 and older (13 percent versus 5 percent). About 16 percent of adults 50 and older, roughly 1 in 6, say they or someone they know has had money stolen through a romance scam.

“Romance scams can affect anyone. Smart, financially stable, socially active adults are all targets. Being informed, knowing the warning signs, and reporting suspicious activity are the best ways to protect yourself and your money,” said Amy Nofziger, Senior Director of Victim Support, Fraud Watch Network.

Despite the scale of the problem, reporting remains low. According to our survey, more than half (55 percent) of adults who lost money said they never reported it, and among those who do report, only 26% go to law enforcement and 23% contact their bank or credit union—indicating major gaps in consumer reporting pathways.

Most adults believe they would report a loss—90% say they would—but actual reporting behavior shows a vast disconnect that leaves criminals unchallenged.

Nearly half of adults 50 and older (45 percent) say they are not knowledgeable about romance scam tactics. Shame, along with misconceptions about victims such as being too trusting or lonely, is the primary reason people don’t report, leaving criminals free to operate.

Where Criminals Operate

• Nearly one in 10 adults ages 50 and older (9%) have had an online romantic connection in which the person asked for money or cryptocurrency, with adults ages 50 to 64 twice as exposed as those 65 and older.
• About one in six say they or someone they know has lost money in a romance scam.
• The majority of respondents said they met the person on a dating app or social media.
• Reporting is low: Among those who lost money, 55% did not report the loss anywhere.
• Knowledge gap: Forty-five percent of adults 50 and older say they are not knowledgeable about romance scam tactics.