Romance scammers are increasingly targeting Americans by convincing them to take out Home Equity Lines of Credit (HELOCs) against their homes, or by directly stealing personal information to secure these loans. According to research by SentiLink, there has been a notable rise in suspicious HELOC applications, particularly among individuals aged 55 and older, with a spike in activity observed in late 2022. Scammers often establish a false romantic relationship and then create a fabricated emergency to extract funds. The report emphasizes caution against online requests to borrow against one’s home, highlighting this tactic as part of a broader fraud strategy aimed at converting victims’ assets into cash.
