According to TSB, people aged 51 to 65 accounted for nearly half of the reported money lost to romance scams in 2022.
Scammers spend their time creating fake profiles on dating sites and social media to build trust with people looking for relationships before asking for money.
According to TSB’s analysis of customers, the average time between first and last payment by a victim to a romance scammer was 53 days.
Multiple payments over a period of time are common in romance scams.
About 26% of the reports of romance fraud received by the TSB are for those aged 18 to 35, 26% for those aged 36 to 50, 25% for those aged 51 to 65, and 22% for those aged 65 and over. occupied. Percentage numbers are rounded.
If you are asked to send money, don’t do it
Paul Davis, TSB
However, the bank found that the 51- to 65-year-old group spent the most money on “relationships.”
In three-fifths (60%) of all romance fraud cases analyzed by TSB in 2022, scammers sought financial assistance for bills and daily living expenses.
Some spoke specifically about needing medical help, home repairs, or car maintenance, while others asked for money to “just get by.”
One in six (21%) claimed they were stranded outside the country and needed help to support themselves while trying to find their way home. Claiming to work on an oil rig appears to be a frequently used ploy, Banks found.
In nearly 1 in 10 (8%) cases, the scammers were sent money to book travel to travel with the victim.
In 4% of cases, scammers received extortion payments from victims because they received explicit images or shared personal information.
The best way to beat romance scammers is to talk to your friends and family about your relationship.
Paul Davis, TSB
TSB encourages you to speak to friends and family immediately if your online relationship begins to involve demands for money.
The bank also stressed the importance of not divulging personal or confidential information.
Romance scams account for 4% of all scams seen, and these tend to be the most emotional losses TSB refunds.
People get very involved with romance scammers and sometimes take out loans to “support the relationship.” A quarter of his TSB cases resulting in losses of over £10,000 involved such events.
TSB Fraud Prevention Director Paul Davis said: If you have the money, it’s time to stop. “
