[Global] Uptick in romance scams as Valentine’s Day approaches

Valentine’s Day is fast approaching which, unfortunately, makes this an opportune time for unscrupulous people to take advantage of the more vulnerable. Banks including Lloyds and Metro are cautioning their customers to be conscious of so-called romance scams, Forbes Advisor reports.

These are situations involving scammers who fake an online relationship with their victims and use the trust they have built to ask for money, often with an emotionally manipulative backstory.

Romance scams rose by almost a fifth (22 per cent) between 2022 and 2023, with the average victim losing £6,937, according to Lloyds.

Metro Bank reportedly recorded a 50 per cent increase in the number of romance scams reported by its customers between 2022 and 2023.

While anyone, regardless of age, can become a target of such scams, Lloyds found that individuals aged between 55 and 64 were most likely to be targeted.

Men and women are equally likely to fall prey and men accounted for 52 per cent of cases reported to Lloyds in 2023. 

Liz Ziegler - fraud prevention director at Lloyds - said, “Targeting those looking for love is a cruel, but sadly common, way for fraudsters to cash in. Scammers can be incredibly convincing and leave their victims both emotionally and financially drained.

“Social media and online dating apps are rife with fake profiles, and it can be hard to tell who is genuine. Remember that no good relationship starts off by sending money to someone you haven’t met and this should be a big red flag.”

To protect themselves from romance scams, Ms Ziegler advises to:

• avoid sending money to someone you’ve never met in person
• never share your personal or financial details with a stranger
• be cautious if strangers contact you on social media
• look out for profile pictures that appear fake or staged
• be wary when someone avoids meeting in the ‘real world’.

Source: Forbes Advisor

(Quotes via original reporting)

Valentine’s Day is fast approaching which, unfortunately, makes this an opportune time for unscrupulous people to take advantage of the more vulnerable. Banks including Lloyds and Metro are cautioning their customers to be conscious of so-called romance scams, Forbes Advisor reports.

These are situations involving scammers who fake an online relationship with their victims and use the trust they have built to ask for money, often with an emotionally manipulative backstory.

Romance scams rose by almost a fifth (22 per cent) between 2022 and 2023, with the average victim losing £6,937, according to Lloyds.

Metro Bank reportedly recorded a 50 per cent increase in the number of romance scams reported by its customers between 2022 and 2023.

While anyone, regardless of age, can become a target of such scams, Lloyds found that individuals aged between 55 and 64 were most likely to be targeted.

Men and women are equally likely to fall prey and men accounted for 52 per cent of cases reported to Lloyds in 2023. 

Liz Ziegler - fraud prevention director at Lloyds - said, “Targeting those looking for love is a cruel, but sadly common, way for fraudsters to cash in. Scammers can be incredibly convincing and leave their victims both emotionally and financially drained.

“Social media and online dating apps are rife with fake profiles, and it can be hard to tell who is genuine. Remember that no good relationship starts off by sending money to someone you haven’t met and this should be a big red flag.”

To protect themselves from romance scams, Ms Ziegler advises to:

• avoid sending money to someone you’ve never met in person
• never share your personal or financial details with a stranger
• be cautious if strangers contact you on social media
• look out for profile pictures that appear fake or staged
• be wary when someone avoids meeting in the ‘real world’.

Source: Forbes Advisor

(Quotes via original reporting)