Brits are being urged to stay extra vigilant against romance scams - a sophisticated type of fraud that is spreading at an alarming rate.
Reports from Action Fraud reveal that £99.4 million was lost to dating scams in 2024, with cases surging around the Valentine’s Day period.
Romance scams are a type of online fraud where scammers create fake profiles on dating apps or social media to trick people into believing they are in a genuine romantic relationship.
These fraudsters are incredibly skilled at playing with emotions, often showering their targets with affection and attention to build trust quickly. Once they've got you hooked, they start asking for money, usually by inventing some kind of emergency or financial trouble.
You might think you'd never fall for something like this, but these scams are more common than you might imagine.
Research conducted by the financial crime experts at Ocean found that 22% of Brits have fallen victim to a romance scam. Almost a third of those questioned (29%) had reported suspicious activity on a dating app.
35% of those that took part in the research believed that people over 55 years old were the most vulnerable to these types of scam.
This said, they can happen to anyone, regardless of age or background. The scammers are experts at making their stories believable and tugging at your heartstrings. So, if someone you’ve never met in person starts asking for money, it’s a big red flag.
Romance scams come in various forms, each with their own unique twist. Below are some of the more common ones.
Catfishing is where the scammer creates a fake profile using stolen photos and a fabricated backstory. They may pretend to be a successful professional, or someone stationed overseas. The goal is to build a relationship quickly and gain your trust before asking for money to assist them with a made-up situation they claim to have found themselves in.
Another type is the ‘long-distance lover’ scam. In this scenario, the scammer claims to be living or working far away, making it difficult to meet in person. They’ll often use this as an excuse to ask for money for travel expenses, medical emergencies, or other urgent needs.
Then there's the ‘inheritance scam’, where the scammer convinces you that they need financial help to access a large inheritance or settle a legal matter. They promise to pay you back once they get their money, but of course, that day never comes.
These are just a few examples, but the common trend is that the scammer plays on your emotions and trust to get you to part with your money. Always be cautious and remember that if something feels off, it probably is!
Romance scams usually start with a simple message on a dating app or social media platform. The scammer creates a fake profile, often using stolen photos and a convincing backstory. They’ll likely shower you with compliments, share personal stories, and even send you small gifts to make the relationship feel real.
Once they’ve got you emotionally invested, the requests for money begin. It might start with a small favour, like needing help with an unexpected problem.
These scammers are masters at creating a sense of urgency and making you feel like you’re the only one who can help. Before you know it, you’ve sent them money, and they keep coming up with new reasons why they need more.
It’s a heartbreaking and financially devastating experience, but being aware of the tactics can help you stay safe.
Since October 2024, UK banks are stepping up their game to protect customers from these heart-wrenching frauds. Under the new rules, banks are required to refund victims of authorised push payment (APP) fraud, which includes romance scams, up to £85,000. This is a big deal because it means that if you’ve been scammed, you have a better chance of getting your money back.
But there's a catch – banks can still charge a £100 fee for processing the refund. While this might seem like a small price to pay for getting your life savings back, it’s important to stay vigilant.
Ocean’s Financial Crime Expert, Ben Fleming, says:
“While stronger banking protections are a positive step, they can also make people take more risks, thinking their money is secure. But romance scams are emotional, not just financial. Once you’re emotionally invested, logic often goes out the window.”
The new regulations are designed to make banks more accountable and ensure they take fraud seriously. However, experts warn that these protections might make some people feel overly secure, leading them to take risks they normally wouldn't.
So, while it's great to know you have a safety net, always trust your gut and be cautious when dealing with online relationships.
Navigating the world of online dating can be tricky, but there are some simple steps you can take to protect yourself from romance scams.
If you’re having doubts that the person you’re speaking to may not be who they claim to be, you can use the following tips.
If things still don’t add up, report the suspicious activity to your bank and Action Fraud. They can provide guidance and help protect others from falling victim to the same scam. Remember, it’s always better to be safe than sorry!
Disclaimer: We make every effort to ensure content is correct when published. Information on this website doesn't constitute financial advice, and we aren't responsible for the content of any external sites.
Zubin is a personal finance writer with an extensive background in the finance sector, working across management and operational roles. He applies his experience in customer communication to his writing, with the aim of simplifying content to help people better understand their finances.
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