You’ve probably heard of catfishing, or using a fake identity to trick someone into a relationship. But there’s another phenomenon to be aware of in the dating world, and it could be a threat to your money as well as your heart.
“Financial catfishing” is when someone fakes their wealth to impress a date or partner. Like traditional catfishing, it can take a major emotional toll.
While a slight exaggeration may seem harmless, financial catfishing can easily spiral into lost trust, rocky relationships, strained marriages — and even divorce or financial ruin. Learn more about financial catfishing, common signs, and how to protect yourself from financial and emotional harm.
Financial catfishing is similar to traditional catfishing, but with a financial angle: It involves misrepresenting your wealth in an effort to deceive someone else. The goal of financial catfishing may be to impress, deceive, or even scam a romantic partner.
In today’s dating world, your financial reputation carries weight. According to a survey from Credit One Bank, more than half of millennials and Gen Z say a good credit score makes someone more attractive. Further, 20% of survey respondents would like dating profiles to include individuals’ credit scores and financial habits.
That growing interest in a potential partner’s financial situation may influence how people want to appear. When financial responsibility is considered attractive and even worthy of a dating profile, some people may feel the need to exaggerate or falsify their financial reality.
Read more: 4 common financial mistakes couples make that lead to divorce (and how to avoid them)
In a world of highlight reels and curated feeds, faking appearances is easier and more prevalent than ever. Credit One Bank’s survey found that more than half of respondents have faked wealth or success at some point.
And it’s not just talk: 37% of respondents say they’d willingly go into debt or overdraft a bank account to impress someone, and 38% have actually done it.
Financial catfishing can range from a minor exaggeration to major deception. But when left unchecked, it can lead to serious consequences:
Loss of trust: Lies about money can often spiral into bigger patterns of dishonesty. For instance, fibbing about your spending can lead to hidden piles of debt and a breakdown of trust between partners.
Financial consequences: Financial catfishing can lead to real financial complications. Hidden purchases, fudged income, and spending to keep up with appearances can lead to overdrafts, credit hits, and piles of debt. And if you and a partner merge finances — through cosigned loans, shared mortgages, or joint bank accounts — the consequences can affect both individuals even after the relationship ends.
Emotional toll: Financial infidelity can have emotional impacts too. Anxiety, stress, resentment, shame, and even financial powerlessness are real possibilities when your partner isn’t transparent about money.
Read more: Should unmarried couples have joint bank accounts?
If you’re in a relationship or wading through the dating pool, keep your eyes out for signs of financial catfishing. While it’s possible to mask financial realities, the following behaviors may be the red flags you need to catch someone before you get hurt:
Lying: Though it can be tricky to catch, lies from a romantic partner should set off your alarm bells, especially when it comes to finances. Keep your eyes and ears peeled for when things don’t seem to add up. For example, someone who claims to be financially stable yet always asks for money may be keeping you in the dark.
Lavish spending: Unchecked spending can be a major problem, even for the rich. If your date seems to spend to demonstrate their wealth, take a closer look. Often, those who are financially well off have achieved their success through restraint, not excess.
Avoiding talking about money: Not everyone loves talking about money, and that’s normal for a taboo subject. But if your date or partner takes this to an extreme, be cautious. Hiding finances and refusing to share personal details — like employment status, for example — could be signs of financial catfishing or infidelity.
Despite how common financial catfishing is, there are ways you can protect yourself and your money when dating or entering a new relationship. Here are some tips to help:
Be cautious about what you share: Don’t share bank accounts, credit cards, or login information with someone before they’ve earned your complete trust. Similarly, take caution when cosigning a loan. Damaged credit or an emptied bank account can take a long time to recover from.
Take note of inconsistencies: Everyone messes up sometimes, but when the inconsistencies start to pile up, pay attention. Lies, omissions, or mismatches between what someone says and what their finances show could be signs of potential catfishing.
Be direct: Be proactive about financial conversations in your relationships. Having these conversations early can bring clarity to each of your financial situations. And if they don’t, it can signal that something isn’t right.
Read more: 8 financial questions to ask your partner before considering marriage
