Blog
March 6, 2024 by Colin Parsons
“People lose their homes, their security, everything. They have already lost their friends, their family, and ultimately some are losing their lives. We don’t want that to happen. As a professional, would it be better for you to question their behavior rather than to see the obituary? I believe so.”
– Debby Montgomery Johnson, Fraud Awareness & Victim Support Advocate
Financial professionals fight crime on the front lines everyday — and their efforts can be lifechanging. For victims of romance scams, tactful inquiry can uncover exploitation at the earliest opportunity, leading to intervention that can prevent devastating consequences. This blog, based on my recent discussion with survivor Debby Montgomery Johnson, explores how the right questions can save lives and the livelihoods of romance scam victims.
Watch for Warning Signs: The Hallmarks of a Romance Scam
Vigilance against romance scams begins with listening for any signs of manipulation that underpins them. Scammers will typically initiate contact on popular dating apps, declare their love quickly, and make constant excuses to request funds and avoid meeting their victims in person. The signs are obvious — pay close attention if a client mentions a new relationship with someone they have never met in person, especially if the individual claims to work overseas and regularly or urgently requires funds.
Questions for Tactful Inquiry
“Talk to them if you get a gut feeling that something is not right. Don’t confront them, because that’ll shut down a victim so fast, they will walk out. They’ll go to another bank. Develop a relationship with them… Have those open-ended questions where you start a dialogue.”
– Debby Montgomery Johnson
After noticing warning signs, quick intervention is crucial to prevent further emotional and financial damage. Approaching a potential victim tactfully is critical — these questions can help you initiate an open dialogue with them and gather further information.
How did you meet?
How has the relationship progressed? Slowly? Quickly?
What in-person plans have you had with the person?
Where do they live and work?
How does your family feel about the relationship?
How is the relationship financially? Can you describe any requests for funds or account details?
Saving Lives & Livelihoods
“I sold jewelry, I got rid of my investment accounts like my retirement accounts, all those things I knew better not to do… I trusted that he would get it back to me.”
– Debby Montgomery Johnson
Financial professionals are often the last line of defense against romance scams, one of the world’s fastest growing frauds. For victims, the consequences can mean financial ruin and emotional devastation. Prevention starts with our collective action.
Nasdaq Verafin has been dedicated to fighting financial crime for over 20 years. Trusted by 3800 financial institutions, we analyze over a billion transactions every week in our Cloud, enabling consortium analytics, cross-institutional analysis, machine learning and more — and use these innovations to help our financial institution partners shut down fraud at the earliest opportunity.
To learn more about the scope, scale and impacts of this grievous crime, and why financial institutions and technology are crucial in uncovering romance scams, watch my discussion with Debby here.
About the Author:
COLIN PARSONS
Associate Vice President — Head of Fraud Product Strategy at Verafin, a Nasdaq Company
Colin Parsons spearheads the strategic development of technology solutions to combat fraud at Nasdaq Verafin. Throughout his time with the company, Colin has worked as a development team lead, software developer and in product marketing. Applying the knowledge gained through his roles and experiences, Colin is focused on using technology to solve the hard problems that are persistent within the fraud space.
Nasdaq Verafin provides cloud-based Financial Crime Management Technology solutions for Fraud Detection, AML/CFT Compliance, High-Risk Customer Management, Sanctions Screening and Management, and Information Sharing. More than 2,500 financial institutions globally, representing more than $8T in collective assets, use Nasdaq Verafin to prevent fraud and strengthen AML/CFT efforts. Leveraging our unique consortium data approach in targeted analytics with artificial intelligence and machine learning, Nasdaq Verafin significantly reduces false positive alerts and delivers context-rich insights to fight financial crime more efficiently and effectively. To learn how Nasdaq Verafin can help your institution fight fraud and money laundering, call 1-877-368-9986.
