Victims of romance fraud were conned out of an average of €18,000 last year, according to figures released by the Banking and Payments Federation Ireland.
The figures reveal that some fraudsters managed to get up to €50,000 from their victims in 2020.
With more people dating online during lockdown, FraudSMART, the BPFI fraud awareness initiative, is warning that romance scams are on the rise.
Head of Digital and Fraud Prevention at BPFI Niamh Davenport said fraudsters are not only taking advantage of the rising number of people online, but are also preying on people's loneliness.
"The onset of Covid-19 has seen many elements of our lives, including socialising, move online.
"Fraudsters are preying on people's isolation and vulnerability as a result of the restrictions and lockdowns we are experiencing," she said.
Ms Davenport urged those using online dating sites to be vigilant.
"By using online dating sites or apps, the fraudsters objective is to gain trust and build up a relationship and emotional connection with their victim.
"They will often devote months to this process, after which time they will create a sense of urgency in order to ask their victim for money or indeed in many cases have the victim offer them money," she said.
While it is important to know how best to protect yourself from these scams, Ms Davenport said it is equally important to dispel any shame victims may feel.
"It can be a devastating experience for people who get caught up in these types of scams and often times they are too embarrassed to report the crime.
"If you think you have fallen victim to such a crime contact your bank and An Garda Síochána immediately, the quicker you act the better your chance of recouping any lost funds," she said.
Tips from FraudSMART on how to protect yourself from romance scams
1. Be careful what you share on social media and online dating websites. Do not reveal your full name or home address. Protect your identity.
2. Be wary of anyone asking lots of questions about you but not revealing much about themselves.
3. Use a reputable dating site and use their messaging service. Do not move to social media or texting too quickly.
4. Never send money or give your bank details to somebody you have never met, no matter how much you believe and trust them.
5. Do not purchase flights, or VISAs or pay customs fees for them to visit you.
6. Remember individuals can pretend to be anyone they want to be online. You should google an image to see if it comes up on several sites or profiles.
7. Never provide copies of your personal documents such as passports or driving licences.
8. If you think you have fallen victim, contact your bank immediately. The quicker you act the better chance of recouping any lost funds.
