As Valentine’s Day nears, the IRS Criminal Investigation unit is getting the word out about a surge in romance scams and offering tips to avoid becoming a victim.
Romance scams can cause significant financial harm, often wiping out a victim’s savings or retirement accounts. These schemes often involve sophisticated financial transactions operated by international criminal networks, which are investigated by IRS-CI.
“Romance scams are some of the most emotionally devastating financial crimes, often targeting older Americans and individuals seeking a connection,” Amanda Prestegard, special agent in charge of the IRS-CI Denver Field Office, said in a statement. “To protect both your heart and your wallet, people need to be aware of the signs they are being manipulated.”
IRS-CI has provided the following tips to avoid becoming a victim of romance scams:
- Never send money to anyone you have only communicated with online or by phone.
- Be careful what you post and make public online. Criminals can use details shared on social media and dating sites to manipulate their victims.
- Verify identities through independent, trusted sources. If something feels off, it probably is. Beware if someone seems too perfect or quickly moves conversations to encrypted messaging platforms.
- Don’t respond to requests for compromising photos that could later be used for extortion.
- Criminals often use victims as “money mules” to launder or transfer stolen funds. Never move money for someone you don’t personally know and trust.
“Romance fraud has evolved from localized scams to highly sophisticated criminal operations,” Prestegard said. “Criminals are now using encrypted messaging, cryptocurrency, and fake identities to target victims.”
Romance fraud case initiations surged nationwide in fiscal year 2025 with IRS-CI opening more than double the number of criminal investigations compared to FY 2024. Indictments related to romance fraud cases also rose by 225% over the same period.
The Denver Field Office says it has also seen an increase in suspicious transactions being reported by financial institutions.
IRS-CI touts a 100% conviction rate for romance fraud cases over the last three years with defendants receiving an average federal prison sentence of more than four years.
Victims of a romance scam should immediately contact local law enforcement or the IRS CI Denver Field Office at denverfieldoffice@ci.irs.gov.
Photo credit: Frank Brennan/iStock
Thanks for reading CPA Practice Advisor!
Subscribe Already registered? Log In
Need more information? Read the FAQs
