The Fraud You Never Saw Coming: How Romance and Financial Scams Target the Wealthy
Most people assume fraud happens to someone else. For high net worth individuals, that assumption is exactly what makes them vulnerable.
Romance fraud and financial scams are not random events. They are engineered operations, built around a target’s profile, lifestyle, and emotional circumstance. The higher the net worth, the more effort goes into the setup. At Zohar Global Security, we have seen both play out in real time — and more often than most people expect, the two arrive together.
The Numbers Demand Attention
The FTC’s Consumer Sentinel Network recorded $1.14 billion in romance scam losses in 2023 across more than 64,000 reports, with a median individual loss of $2,000 — the highest median reported loss of any imposter scam category that year. That figure covers reported cases only. Researchers consistently note that most fraud involving wealthy individuals goes unreported due to embarrassment, reputational concern, and a reluctance to involve authorities.
In 2024, romance scam victims lost over $1.3 billion, with an average financial loss estimated at approximately $15,000 per victim. For UHNW individuals, actual losses frequently run into six and seven figures before the fraud becomes visible.
The FBI’s 2023 Internet Crime Report noted that financial losses from investment fraud alone totaled $4.6 billion — a 38 percent increase over the prior year. When romance fraud and investment fraud converge — a pattern increasingly known as pig-butchering — the financial damage can be catastrophic.
Why Romance Fraud and Financial Fraud Overlap
What Zohar Global Security Does About It
Verify Before You Trust
If you are a high net worth individual or family office principal with a concern about a financial opportunity, a business relationship, or a personal connection, we are the team to call. Contact Zohar Global Security at 702-743-0031 or email info@zoharsecurity.com. The conversation is confidential from the first word.
Success Stories and Testimonials
I want to reach out to you once again, to express my gratitude for the recent research you did for me.
It was puzzling that law enforcement was unable to uncover pertinent information on my case; yet, it took you and your associates just three days to uncover – thus saving me additional financial loss, as well as, emotional anguish and trauma.
You were extremely professional and detailed in your analysis. Throughout the entire process, you were not judgmental, expressing great empathy constantly; of which, I appreciated.
It is with deep gratitude that I say I would highly recommend you!
D, Rhode Island
As a professional person I have a Linkedin profile and my contacts are mainly people from my area of business. I was sent a request to connect with a person with a profile that corresponded with mine.
Therefore, as most people would, I assumed this person was an approved member with whom it would be “safe” to communicate.
After professional warm exchanges, including text messages; the member asked me if I wanted to be introduced to his uncle, a well-established investor and also a LinkedIn member with a profile and contact information. I checked the credentials and all seemed legitimate.
As a result, I connected with the investor and was convinced to invest in a crypto related investment. I sent a low 6 figure amount to him.
Not too long after my investment was made, I was shocked to find that I no longer was receiving replies from the uncle nor nephew (my original contact). Although I was worried, I believed this was a technical glitch or temporary silence.
After some more time passed, I called Scam Shield to have this matter investigated. Sadly, I learned I had become a victim of a sophisticated scam and none of my so called texts, calls, emails and such were with real people.
I am grateful for the way your team handled my case with dignity and confidentiality. Unfortunately, there is almost no road I can take to retrieve these funds; however, I am grateful to have had your support in the investigation change to research process.
R, Southern California
Today, I'm sharing my story as a cautionary tale to all single moms out there, especially those who, like me, have faced the unimaginable loss of a spouse. After losing my husband and left to navigate the world as a single mom of two, I thought I was prepared for anything. Little did I know, I was the perfect target for scammers.
In the midst of rebuilding my life, I was blindsided by a scam that not only wiped out my hard-earned 401k but also left me reeling from the financial devastation. Feeling lost and desperate, I knew I needed to take action, not just for myself but for my children's future.
That's when I reached out for help, and thankfully, I found a lifeline in the form of a support system that not only listened, but took action. With their guidance and expertise, we uncovered the dangerous individuals behind the scam, individuals preying on vulnerable individuals like me.
To anyone out there facing similar struggles, please know that you're not alone. There are resources and people willing to help you navigate through the darkest of times. And to those dangerous individuals out there seeking to exploit others, beware - we're watching, and justice will prevail.
Thank you to everyone who has helped me get closer to finding closure and rebuilding a brighter future for my family.
T, South Carolina
Words can't express my gratitude to ScanShield for their swift and thorough action in educating and stopping me from imminent scam activity that could have wiped me out of $250,000. As a newly divorced single mom of three young children, every penny counts, and I should have reached out to you sooner. Your expertise and dedication have not only restored my faith but also provided a brighter future for my family. Thank you for your unwavering support and for being a beacon of hope in a dark time.