 Consumers lost over a billion dollars to romance scams in 2023. That's according to the Federal Trade Commission. The FTC found about 40% of people who said they lost money to a romance scam in 2022 said the contact started on social media. Three-quarters of those who were scammed were men. So-called romance scams involve building a relationship and trust with the victim so that the target willingly provides access to their accounts or transfers money to the criminal.