A man from Toronto is sharing his story after losing $80,000 to an online romance scam during one of the hardest moments of his life.
Hugo Sanchez told CTV News Toronto that after going through a painful separation last year, he was feeling lonely and decided to look for companionship online. “My separation was a tragic experience,” he said. “I was very vulnerable and not in my best state.”
While browsing social media, Sanchez met a woman named Lina, who said she lived in Seattle. They quickly became close friends, chatting often and even having a few video calls. Most of their conversations, however, were through text messages. Soon, Lina convinced him to invest in cryptocurrency, promising he would triple his money.
Instead, Sanchez lost everything – a total of $80,000, including money he didn’t actually have. “I felt devastated,” he said. “It was my savings, and I also lost borrowed money.”
Experts say these types of scams are becoming more common. Although Sanchez is in his 40s, many romance scam victims are seniors. The Canadian Association of Retired Persons (CARP) has been working to raise awareness about online scams and is calling for tougher penalties for fraudsters.
“These crimes aren’t small,” said Anthony Quinn, president of CARP. “They steal people’s savings and destroy their trust in others.”
CARP is also asking banks and phone companies to do more to protect customers. Quinn said financial institutions should play a bigger role in spotting suspicious transactions. “If someone loses $80,000, that money has to go through the bank’s system,” he said. “Banks need to step up and help protect their clients.”
Sanchez said he’s sharing his story so others won’t fall into the same trap. “I thought it was real, that it made sense,” he said. “But in the end, everything was fake.”
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