Financial Empowerment Month: Avoiding relationship scams

As part of Financial Empowerment Month, the New Hampshire Banking Department is focusing attention on various aspects of financial literacy, including tips and information on how to avoid scams and fraud. 

One of the most common types of scam is a relationship scam, sometimes called a romance scam. In this type of deception, a scammer will attempt to cultivate a relationship with an intended victim. These scams often start online and occur when a new "love interest" tricks someone into falling for the scammer when they really just want access to their money. Scammers will spend time getting to know the victim and developing trust before asking for a loan or access to finances. They may also claim to have a medical or other issue where they need money quickly. 

Older adults are most often targeted by these scams, which can result in the loss of significant amounts of money. The Federal Trade Commission logged 3,588 reported scams in New Hampshire in 2024, 761 of which were imposter scams. New Hampshire residents lost $8.7 million in 2024. And these are just from the reported cases. Victims are often embarrassed to report that they have been victims of fraud. 

Here are some resources to help you keep yourself and your loved ones safe from these scams. 

• The FDIC's Avoiding Scams and Scammers page
• The Federal Trade Commission's How to Avoid Scams page
• The Better Business Bureau's 10 steps to avoid scams 
• The Consumer Financial Protection Bureau's Frauds and Scams page
• AARP's NH Fraud Watch Network
• AARP's Red Flags of Romance Scams
• Merrimack County Savings Bank has a webinar on fraud prevention available here
• Office of the Comptroller of the Currency Consumer Fraud Awareness and Prevention resources
• Againstscams.org

The Banking Department has created a single page flyer on Preventing Elder Financial Abuse that can be printed out and placed in high visibility areas of appropriate offices, agencies and facilities. 

You can find more information and links on the Banking Department's Avoiding Scams and Fraud page.