LexisNexis: The cost of Catfishing – How romance fraud is becoming a major financial crime and what is being done to fight it

The head of economic crime and the national trade association for banks and financial institutions is becoming a serious concern now a days. Also known as catfishing, this type of fraud, where swindlers form relationships with members of the public for their personal gain, doesn’t just have a financial cost. Some victims have lost friends and even relationships with family members most tragically, some have taken their own lives.