Don’t Let Romance Scams Steal Your Heart and Your Money

• Wednesday, February 11, 2026

• Press Release

As Iowans plan to celebrate Valentine’s Day this weekend, the Iowa Department of Insurance and Financial Services is warning consumers to be on guard against romance scams and so-called “relationship investment scams,” a fast-growing form of fraud that blends emotional manipulation with fake investment opportunities.

Relationship investment scams are a particularly damaging type of romance fraud, causing reported losses in the billions. 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.

Data compiled by the Iowa Insurance Division also shows a sharp increase in investment related fraud.  In 2025, the Division experienced a 102 percent increase in cases of senior financial exploitation.  Cases managed by the Division totaled approximately $19.4 million in 2025, up from $7.27 million in 2024.  Romance scams and tech support/government impersonation schemes were the most prevalent types of scams the Division saw in 2025.

“This Valentine’s Day, make sure Cupid is aiming for your heart and not your wallet. Romance and relationship investment scams prey on trust and emotion, often leaving victims with devastating financial losses. If someone you meet online starts talking about investments, promises easy money, or pressures you to act quickly, that’s a clear warning sign,” said Doug Ommen, Director of the Iowa Department of Insurance and Financial Services. “Love should never come with a request for money, and checking to make sure an investment is properly registered with the Iowa Insurance Division before investing can help stop a scam before it breaks both your heart and your bank account.”

Relationship scams often begin on dating apps, social media platforms, messaging apps, or through unexpected “wrong number” text messages. Criminals use fake profiles, photos, videos, and even AI-generated voices to appear attractive, credible, and successful.

Once contact is made, scammers send frequent messages to build trust and emotional attachment before asking for money. What often starts as a small request can quickly escalate into devastating financial losses.

In other cases, they often claim to have made significant profits trading cryptocurrency, precious metals, or foreign currency thanks to special knowledge or insider help. Victims are told investing is easy and are encouraged to participate, only to be often directed to fraudulent trading platforms secretly operated by organized criminal groups.

These platforms often take the form of highly sophisticated websites or downloadable mobile apps that allow users to create accounts and monitor what appear to be real-time transactions and mounting profits, further masking the deception. To solidify the illusion of legitimacy, scammers may even allow victims to make small, successful withdrawals early on. This builds a false sense of trust, encouraging the investment of significantly larger amounts.

These scams do not discriminate. People of all ages and backgrounds have been victimized, though individuals who live alone or spend significant time on social media or online discussion groups may be more vulnerable. Scams succeed because they exploit powerful emotions like financial stress, loneliness, excitement, or fear.

While these scams have existed for years, they evolve with the headlines and technology which at the current moment often involve digital assets and artificial intelligence.

Sharing information can help protect the people you care about most.  The Iowa Department of Insurance and Financial Services is teaming up again with the Iowa AARP and the Iowa Attorney General’s office for a “ Stop the Scammers ” tour across the state to provide Iowans with real-world tips and tools that can help protect them and their loved ones.

Iowans are encouraged to join us at one of the “Stop the Scammers” tour stops to gain knowledge of common fraud schemes that will help them avoid and report scams. This year’s tour will kick off on April 2nd and run through June 5th.  To find out more details about the “Stop the Scammers” tour or information about various scams, please visit IowaFraudFighters.gov.