The banking industry is seeking help from the federal government and the social media industry to stop an escalating crisis that's costing Americans billions of dollars every year: online romance scams.
These digital crimes have proliferated since the pandemic, as criminals pose as attractive partners and reach out to lonely Americans on social media.
"We need the social media companies to shut down these people that are putting these out there.
The romance scams are run by organized criminal gangs, often based in Southeast Asia, that set up phony social media avatars and use those to connect to potential American victims.
Erin West, deputy district attorney in Santa Clara County, California, estimated that between $30 billion and $50 billion was lost to romance scams in 2022.
Persons:
Paul Benda, Benda, I've, Scammers, We're, We've, Banks, Erin West, they'd, there's, Bria Cousins
Organizations:
American Bankers Association, CNBC
Locations:
Southeast Asia, Santa Clara County , California