Denver's IRS Criminal Investigation office warns of romance scams ahead of Valentine's Day

The IRS Criminal Investigation Denver Field Office is issuing a warning ahead of Valentine's Day about romance scams. They are also providing some advice on how to avoid becoming a victim. 

According to the IRS, romance scams can cause significant harm by wiping out a victim's savings or retirement account. They say the schemes often involve sophisticated financial transactions operated by international criminal networks. 

"Romance scams are some of the most emotionally devastating financial crimes, often targeting older Americans and individuals seeking a connection," said Amanda Prestegard, Special Agent in Charge, IRS-CI Denver Field Office, in a statement. "To protect both your heart and your wallet, people need to be aware of the signs they are being manipulated."    

The IRS said romance fraud case initiations surged nationwide last year, with investigators opening more than double the number of criminal investigations compared to the year before. Investigators also said indictments related to romance fraud cases rose by 225% over the same period. 

"Romance fraud has evolved from localized scams to highly sophisticated criminal operations," Prestegard said in a statement. "Criminals are now using encrypted messaging, cryptocurrency and fake identities to target victims."

The IRS Criminal Investigation Denver Field Office has seen an increase in suspicious transactions being reported by financial institutions. They also claim 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. 

Additional Information from the IRS Criminal Investigation Denver Field Office:

-    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.
-    Do not 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.