In this paper we present a comprehensive analysis of lexical semantic divergence between cognate words and borrowings in the Romance languages. We experiment with different algorithms for false friend detection including deceptive cognate and deceptive borrowings and correction and evaluate them systematically on cognate and borrowing pairs in the five Romance languages. We use the most complete and reliable dataset of cognate words based on etymological dictionaries for the five main Romance languages (Italian, Spanish, Portuguese, French and Romanian) to extract deceptive cognates and borrowings automatically based on usage, and freely publish the lexicon of obtained true and deceptive cognate and borrowings in every Romance language pair.