A Romance Scam Took $1M of My Retirement Savings -- 3 Red Flags I Missed
Jackie Crenshaw met "Brandon" on a dating app. Within weeks, he encouraged her to move their conversations off the platform and began nudging her toward what he described as a promising cryptocurrency investment opportunity.
By the time a local detective contacted her to warn that she might be a scam victim, Crenshaw said nearly $1 million of her retirement savings was gone -- and she no longer knows when she'll be able to retire.
Now, Crenshaw is sharing her story in partnership with Adaptive Security, which is offering a course on protecting older adults from artificial intelligence (AI) scams. Looking back, she said there were warning signs she missed.
Crenshaw shared the below red flags she wishes she had acted on sooner.
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Red Flag: He Pushed the Relationship Off the Dating App
I had never been on a dating site before, so the first red flag that I ignored was getting off the platform, which meant I gave him my phone number. And I was asked for my address and received lots of gifts.
This allows them to Google you to see if you own property, where you may have worked, family members, etc.
Red Flag: There Was Always a Reason Not To Meet in Person
We had been talking and texting for six weeks, but there was always an excuse to [not] meet in person. After two months, the scammer brought up investing in our future and started sending me statements from a platform called Coinclusta. I tried to Google it and asked friends about it, but this was summer 2023 and anyone I reached out to had not heard of it.
Red Flag: The Money Trail Didn't Make Sense
He gained my trust.
He sent me a check for $100,000 -- it was addressed to me, but from a woman in Vero Beach, Florida. He stated that he had done some work for her and she owed him [money]. Again, I tried to Google her, but there was not much info. (As a side note, I found out a year later that this 72-year-old woman who sent me the check was told that I was an investor, and she sent me and another person $100,000 checks.)
I went to my local police station with the check, but they blew me off. The check was legit, so I continued communicating with this person -- and that was the start of me losing my retirement.
My Advice for Avoiding Romance Scams
The advice I would give to others to prevent falling victim to romance scams would be:
If you use a dating service, do not give personal information.
With AI, even [if you see] a picture or video of the person it is not 100% [proof that they are who they say they are]. If you cannot meet them in person, no matter how much they "love bomb" you, discontinue communicating with them.
Do not send money or gift cards for any reason.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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