As online romance scams rise, banks ask for help to save victims billions

Romance scams are run by organized criminal gangs, often based in Southeast Asia , that set up phony social media avatars and use those to connect to potential American victims.

Once a psychological hook is set, the scammer turns the conversations to money.

Experts estimate that known instances of fraud amount to billions of dollars every year.

"This kind of crime goes to the very core of what we want in life. We want to feel loved," West said.

"And then they provide a dream that not only can you be loved, but you can be financially comfortable beyond your wildest dreams," she said.