State Officials Warn Iowans to Guard Against Romance, Investment Scams Ahead of Valentine’s Day

DES MOINES — As Iowans prepare to celebrate Valentine’s Day this weekend, state officials are urging consumers to protect both their hearts and their wallets from a growing wave of romance and “relationship investment” scams.

The Iowa Department of Insurance and Financial Services is warning that relationship investment scams — a form of fraud that combines emotional manipulation with bogus investment opportunities — are causing staggering financial losses nationwide.

According to the Federal Trade Commission, consumers reported $12.5 billion in investment-related scam losses in 2024, a figure that has tripled in just three years.

State data shows Iowa is not immune to the trend. The Iowa Insurance Division reported a 102 percent increase in cases of senior financial exploitation in 2025. Cases managed by the Division totaled approximately $19.4 million in 2025, up from $7.27 million in 2024. Romance scams and tech support or government impersonation schemes were the most prevalent types of fraud reported to the Division last year.

“This Valentine’s Day, make sure Cupid is aiming for your heart and not your wallet,” said Doug Ommen, Director of the Iowa Department of Insurance and Financial Services. “Romance and relationship investment scams prey on trust and emotion, often leaving victims with devastating financial losses. If someone you meet online starts talking about investments, promises easy money, or pressures you to act quickly, that’s a clear warning sign.”

Ommen emphasized that legitimate romantic relationships do not involve financial requests.

“Love should never come with a request for money, and checking to make sure an investment is properly registered with the Iowa Insurance Division before investing can help stop a scam before it breaks both your heart and your bank account,” he said.

How the Scams Work

Relationship scams often begin on dating apps, social media platforms, messaging apps, or through unexpected “wrong number” text messages. Scammers create fake profiles using stolen photos, fabricated biographies, and increasingly, AI-generated images, videos, and even voices to appear credible and successful.

Once contact is established, criminals send frequent messages to build trust and emotional attachment. What may begin as a small request for financial help can quickly escalate into significant losses.

In many cases, scammers pivot to investment pitches, claiming they have earned substantial profits trading cryptocurrency, precious metals, or foreign currency through insider knowledge or special expertise. Victims are directed to sophisticated-looking websites or mobile apps that mimic legitimate trading platforms. These fraudulent platforms often show fake real-time transactions and growing profits.

To build trust, scammers may even allow small early withdrawals, creating the illusion of legitimacy and encouraging victims to invest larger sums — money that ultimately disappears.

Who Is at Risk?

Officials stress that these scams do not discriminate. Iowans of all ages and backgrounds have been targeted, though individuals who live alone or spend significant time online may be particularly vulnerable.

“These scams succeed because they exploit powerful emotions like financial stress, loneliness, excitement, or fear,” the Department noted. Officials added that while romance scams have existed for years, they continue to evolve alongside current events and new technology, particularly digital assets and artificial intelligence.

“Stop the Scammers” Tour Returns

To combat the growing threat, the Iowa Department of Insurance and Financial Services is again partnering with AARP Iowa and the Iowa Attorney General’s Office for the statewide “Stop the Scammers” tour.

The tour will provide Iowans with practical tips and tools to identify, avoid, and report fraud. This year’s tour kicks off April 2 and runs through June 5.

Residents can find tour dates and additional fraud prevention resources at IowaFraudFighters.gov.

State officials encourage Iowans to share information about scams with friends and family members, especially around Valentine’s Day.

“Sharing information can help protect the people you care about most,” the Department said.