Threat Notice Originally Appeared on Infosecurity-Magazine.com
Romance scams have long been a personal financial threat, but they are now evolving into a major cybersecurity and business risk. In 2024, nearly 59,000 Americans lost an astonishing $697.3 million to these scams, with fraudsters leveraging AI-generated profiles and cryptocurrency investment schemes to trick victims. Even more concerning—businesses are increasingly being affected as employees unknowingly put company funds and credentials at risk.
Traditionally, romance scams involved fraudsters manipulating victims into sending money under the guise of a romantic relationship. But today, these schemes are more sophisticated and financially devastating than ever before. According to Comparitech, scammers are now convincing victims not just to send personal funds but to invest in fake cryptocurrency schemes—a trend known as the double-barreled scam.
One alarming statistic: In 2023 alone, romance scams accounted for $215.8 million in cryptocurrency-related losses. As cybercriminals refine their tactics, the true financial damage is likely much higher, with some experts estimating total losses could exceed $535 billion over time.
While many assume romance scams are a personal issue, the reality is they can have serious consequences for businesses:
Employees caught in scams may use company resources—whether transferring business funds or exposing sensitive data.
AI-generated profiles and deepfake technology make scams harder to detect, allowing fraudsters to manipulate even the most cautious individuals.
A single compromised employee could lead to financial fraud, phishing attacks, or unauthorized access to corporate accounts.
The bottom line? Cybercriminals don’t just target individuals—they target entire businesses.
With scams growing more advanced, businesses must take proactive security measures to protect employees and company assets. Here’s how:
✅ Educate Employees on the Risks – Provide training on romance scams, emphasizing their growing connection to cryptocurrency fraud and business risk.
✅ Implement Strong Financial Controls – Require multi-factor authentication (MFA) for financial transactions and ensure employees verify unusual payment requests.
✅ Monitor for Unusual Activity – Keep an eye on company financial transactions and flag suspicious transfers to unfamiliar accounts.
✅ Encourage a Security-First Culture – Employees should feel comfortable reporting concerns and verifying financial requests before taking action.
Romance scams may seem like a personal problem, but their impact is reaching far beyond individual victims. Businesses must take action now to prevent financial losses, data breaches, and fraud resulting from these sophisticated cyber scams.
If you’re concerned about potential threats in your organization, we can help. Schedule a cybersecurity assessment today and learn how to safeguard your business against evolving scams.
References:
Questions or concerns? Schedule a quick 26-minute call with Greg Mauer to discuss your concerns or answer your questions.
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Yes, we offer access to senior IT consultants and provide vCSO(Virtual Chief Security Officer) as a service for our clients. Our vCSO service provides your organization with expert leadership and strategic direction tailored to your unique cybersecurity and legal compliance needs. We are here to help you navigate the complexities of cybersecurity and ensure that your security posture is robust, compliant, and capable of addressing evolving cyber threats. Book a call today to get expert help with your company’s cybersecurity and compliance.
We have a high level of confidence in the security posture of our company and our clients. Our security stack includes several components to ensure strong and resilient cybersecurity measures. We provide comprehensive risk management, regular audits and assessments, advanced security technologies, employee training and awareness, and incident response planning. Our systems and solutions follow established industry standards and best practices to keep your company safe and your data secure. Since every company has different risks depending on the data, systems, utilization, and more, we can work with your team to develop a robust security plan and implement the proper measures as needed. Reach out today to strengthen your company’s security posture!
We provide robust Disaster Recovery (DR) plans, covering preventative, detective, and corrective measures. Our DR strategies are tailored to each client’s specific needs and are designed to ensure rapid recovery and continuity of operations in the event of any disaster. These plans are regularly reviewed and tested to guarantee they function effectively and meet the highest standards of resilience and reliability. And if a disaster were to occur outside of regular business hours, we have you covered! At qnectU, we have a response time of mere minutes for emergency after-hours calls, ensuring a rapid response to implement your Disaster Recovery plan. Book a call today to protect your company in the event of a disaster.
Here at qnectU, we conduct regular risk assessments as a core part of our risk management strategy. Our process is comprehensive, involving identification, categorization, and response planning for potential security risks, including technical vulnerabilities, access controls, and more. These assessments help us understand, control, and mitigate all forms of cyber risk, ensuring that our security measures are effective and up-to-date. But most importantly, we provide continual risk assessments at pre-determined intervals based on your company’s risk level. This ensures that issues are corrected, new risks are identified, and compliance is properly documented. Want to see how our in-depth business risk assessments work? Book a consultation today to get an in-depth risk assessment of your company’s current network security.
We are committed to following proven change management principles. We understand the importance of structured and systematic processes in implementing changes that affect cybersecurity protocols and IT environments. Our approach is based on industry-recognized frameworks and methodologies that ensure changes are managed effectively, focusing on minimizing risks, enhancing security posture, and achieving strategic objectives.
We specialize in Compliance as a Service (CaaS), and our program is designed to meet a wide range of regulatory requirements to ensure that your business adheres to the highest standards of compliance. We demonstrate our compliance through detailed assessments, documentation, and third-party audits. Our expertise and ongoing support can give you confidence that your company’s sensitive information is managed securely and in full compliance with all regulations.
In today’s world a business can easily be compromised via a “supply chain hack.” There have been several instances where the IT company has exposed all of their clients to hacking due to their own lack of cybersecurity measures. In order to prevent this within our own company, we work closely with a third party for comprehensive auditing services to ensure that all cybersecurity and compliance requirements are met. Our rigorous audit process involves a thorough examination of our systems and practices against established industry standards and best practices. This collaboration provides an objective perspective and deep expertise to identify any potential vulnerabilities, ensuring that our cybersecurity measures are robust, up-to-date, and in full compliance with regulatory demands.
Compliance as a Service (Caas) means that our experts will give you specialized help in handling all the rules and regulations your business needs to follow. We do this by providing expert guidance to help you determine what rules apply to your business and how to follow them. All while giving ongoing support to monitor your compliance status and updates in regulations. This may also include any advanced tools to help manage compliance tasks and risk management surrounding compliance. CaaS takes the hassle out of compliance so you can focus on running your business with confidence.
Gregory Mauer is the founder and CEO of our company, a best-selling author, speaker, and a cybersecurity & compliance expert. He has been on stage with the likes of the “Nice Shark”, Robert Herjavec, Siri co-founder Adam Cheyer, and business coach and author Mike Michalowicz.
Yes, we offer access to senior IT consultants and provide vCSO(Virtual Chief Security Officer) as a service for our clients. Our vCSO service provides your organization with expert leadership and strategic direction tailored to your unique cybersecurity and legal compliance needs. We are here to help you navigate the complexities of cybersecurity and ensure that your security posture is robust, compliant, and capable of addressing evolving cyber threats. Book a call today to get expert help with your company’s cybersecurity and compliance.
We have a high level of confidence in the security posture of our company and our clients. Our security stack includes several components to ensure strong and resilient cybersecurity measures. We provide comprehensive risk management, regular audits and assessments, advanced security technologies, employee training and awareness, and incident response planning. Our systems and solutions follow established industry standards and best practices to keep your company safe and your data secure. Since every company has different risks depending on the data, systems, utilization, and more, we can work with your team to develop a robust security plan and implement the proper measures as needed. Reach out today to strengthen your company’s security posture!
We provide robust Disaster Recovery (DR) plans, covering preventative, detective, and corrective measures. Our DR strategies are tailored to each client’s specific needs and are designed to ensure rapid recovery and continuity of operations in the event of any disaster. These plans are regularly reviewed and tested to guarantee they function effectively and meet the highest standards of resilience and reliability. And if a disaster were to occur outside of regular business hours, we have you covered! At qnectU, we have a response time of mere minutes for emergency after-hours calls, ensuring a rapid response to implement your Disaster Recovery plan. Book a call today to protect your company in the event of a disaster.
Here at qnectU, we conduct regular risk assessments as a core part of our risk management strategy. Our process is comprehensive, involving identification, categorization, and response planning for potential security risks, including technical vulnerabilities, access controls, and more. These assessments help us understand, control, and mitigate all forms of cyber risk, ensuring that our security measures are effective and up-to-date. But most importantly, we provide continual risk assessments at pre-determined intervals based on your company’s risk level. This ensures that issues are corrected, new risks are identified, and compliance is properly documented. Want to see how our in-depth business risk assessments work? Book a consultation today to get an in-depth risk assessment of your company’s current network security.
We are committed to following proven change management principles. We understand the importance of structured and systematic processes in implementing changes that affect cybersecurity protocols and IT environments. Our approach is based on industry-recognized frameworks and methodologies that ensure changes are managed effectively, focusing on minimizing risks, enhancing security posture, and achieving strategic objectives.
We specialize in Compliance as a Service (CaaS), and our program is designed to meet a wide range of regulatory requirements to ensure that your business adheres to the highest standards of compliance. We demonstrate our compliance through detailed assessments, documentation, and third-party audits. Our expertise and ongoing support can give you confidence that your company’s sensitive information is managed securely and in full compliance with all regulations.
In today’s world a business can easily be compromised via a “supply chain hack.” There have been several instances where the IT company has exposed all of their clients to hacking due to their own lack of cybersecurity measures. In order to prevent this within our own company, we work closely with a third party for comprehensive auditing services to ensure that all cybersecurity and compliance requirements are met. Our rigorous audit process involves a thorough examination of our systems and practices against established industry standards and best practices. This collaboration provides an objective perspective and deep expertise to identify any potential vulnerabilities, ensuring that our cybersecurity measures are robust, up-to-date, and in full compliance with regulatory demands.
Compliance as a Service (Caas) means that our experts will give you specialized help in handling all the rules and regulations your business needs to follow. We do this by providing expert guidance to help you determine what rules apply to your business and how to follow them. All while giving ongoing support to monitor your compliance status and updates in regulations. This may also include any advanced tools to help manage compliance tasks and risk management surrounding compliance. CaaS takes the hassle out of compliance so you can focus on running your business with confidence.
Gregory Mauer is the founder and CEO of our company, a best-selling author, speaker, and a cybersecurity & compliance expert. He has been on stage with the likes of the “Nice Shark”, Robert Herjavec, Siri co-founder Adam Cheyer, and business coach and author Mike Michalowicz.