This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

MoneyGram Warns Consumers To Watch Out For Scammers “Looking For Love”

As millions of Americans prepare to celebrate the most romantic day of the year, MoneyGram (NASDAQ: MGI), a leading global money transfer and payment services company is warning consumers to watch out for scam artists who claim to be “looking for love.”

The scammers scout dating sites, chat rooms, blogs and social media networks to lure their victims into forming a relationship. They usually claim to be Americans traveling or working abroad. In reality, they often live overseas. Their most common targets are women over 40, who are divorced, widowed, and/or disabled, but every age group and demographic is at risk.

“The scams typically begin online, with the scammer quickly professing love for the victim,” says Kim Garner, senior vice president of global security at MoneyGram. “After winning the victim’s trust, the scammer will ask the victim to send money through a wire transfer – claiming the need for some type of emergency, custom or duty fees, or even for travel costs to finally meet the unsuspecting victim. Once the victim wires the money, they never hear from the scammer again.”

According to the Internet Crime Complaint Center, (IC3) a partnership between the FBI and the National White Collar Crime Center, consumers lost $55 million to romance scams in 2012.

The IC3 reports that some criminals take the scam a step further by baiting a victim into intimate conversations or sending provocative pictures, and then threaten to expose them if they don't pay up.

Warning Signs:

  • Online conversations filled with spelling and grammatical errors
  • Profile photo does not match alleged age or ethnicity of individual
  • Person refuses to provide contact information or claims not to own a phone
  • “Relationship” moves really fast
  • The topic of money comes up quickly

“Pay attention to the warning signs, and push back if you suspect a scam,” says Garner. “Listen to your instincts, and never send money to someone you don’t know or who you have never met in person.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs