Originally Presented: February 21, 2024
Romance scams are among the fastest growing frauds. In 2023, estimated losses of $3.8 billion were linked to romance and other confidence schemes. For survivors like Debby Montgomery Johnson, no statistics can capture the mental anguish and emotional consequences these scams inflict.
After losing $1 million to a romance scammer, Debby found a new sense of purpose as an industry advocate, dedicating herself to raising awareness about the pervasiveness and risk of romance scams. In this session, Debby and Colin Parsons, Head of Fraud Product Strategy at Verafin, discuss the scope, scale and impacts of this grievous crime, and why financial institutions and technology are crucial in helping uncover potential exploitation at the earliest opportunity.