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Monday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Monday’s business headlines with Jane King.

Americans reported losing nearly $1.3 billion in romance-related fraud from 2017 to 2021, according to the Federal Trade Commission.

What’s more, the FTC says that likely understates the damage since many people don’t report such losses.

“The Wall Street Journal” investigated why some people become victims of online dating scams and what, if anything, can be done to prevent it.

Typically, a perpetrator emphasizes his or her credibility and social attractiveness. Scammers often present themselves as individuals with some sort of authority, such as an influential businessperson, a member of the military, or a research scientist.

Scammers often have fake IDs to help sell the scam, but the research found that if someone is too quick to share their ID, that raises the chance they are fake.

The more successful scammers spend significant time and effort on the “grooming stage” before engaging in an actual fraudulent act.

In some cases, scammers send a small gift to the victim, like flowers.

Women are reported to lose more significant sums of money. In the majority of cases, the victims are older than 40, with people between the ages of 50 and 59 being the most vulnerable. Data also suggests that the degree of financial loss increases with the age of the victim.