As Valentine’s Day approaches and more people turn to dating apps and social media to find connections, the Nevada Secretary of State’s Office is warning that some online romances can come with a hidden price.
State officials say romance scams and so-called relationship investment scams are on the rise, blending emotional manipulation with fake investment opportunities that can leave people with significant financial losses.
“Romance, friendship, and other relationship investment scams prey on trust and emotion, often leaving victims with devastating financial losses.
Victims may not immediately see the red flags, because scammers know how to exploit powerful emotions like loneliness, excitement, financial stress, or fear,” said Francisco Aguilar. “If someone you meet online starts talking about investments, promises easy money, or pressures you to act quickly, that’s a clear warning sign.”
Relationship investment scams are a newer and particularly costly form of romance fraud. According to the Federal Trade Commission, consumers reported $12.5 billion in investment-related scam losses in 2024, a figure that has tripled in just three years.
Officials say people of all ages and backgrounds have been targeted, though people who live alone or spend significant time on social media or in online discussion groups may face increased risk.
These scams often begin on dating apps, social media platforms, messaging apps, or through unexpected wrong-number text messages. Criminals create fake profiles using stolen photos, videos, and even AI-generated voices to appear credible and successful.
After making contact, scammers typically send frequent messages to build trust and emotional attachment before asking for money. What may start as a small request can escalate into larger losses.
In some cases, scammers claim they have made large profits trading cryptocurrency, precious metals, or foreign currency using special knowledge or insider help. Victims are told investing is simple and are encouraged to join, but are instead directed to fraudulent trading platforms operated by organized criminal groups.
The Secretary of State’s Office urges people to verify anyone offering investment opportunities. Individuals and companies must be licensed in Nevada if they conduct securities business in or from the state.
To check, people can call the Secretary of State Securities Division at (702) 486-2440 or search online for broker-dealers and their agents, as well as investment advisers and their representatives.
Officials also warn that scammers may use AI technology to impersonate family or friends. People are encouraged to be cautious of unsolicited messages asking them to invest money, even if the message appears personalized. Creating a family password or phrase to confirm identity in an emergency is one suggested safeguard.
The Nevada Legislature passed Senate Bill 76, creating a statewide securities restitution fund to provide financial assistance to victims of investment fraud.
The Secretary of State’s Office encourages anyone who believes they are a victim of investment fraud or knows someone who might be, to report it.
