Romance scams have evolved into a profitable area for fraudsters. Over the past two years, over 7,000 UK residents have succumbed to these schemes, leading to a total financial loss of £65 million. Fraudsters have capitalised on the popularity of social media and dating platforms, with numerous scams initiated on prominent platforms such as Facebook, Instagram, Grindr, Match, Plenty of Fish, and Tinder.
Fraudsters invest considerable time building trust with their victims, with the average duration lasting 53 days before the request for financial support. Typically, the fraudster will plead for financial aid to settle bills or daily living expenses, but occasionally, they’ll purport to be stranded overseas, needing assistance to return to the UK. Roughly in 10% of cases, the fraudster masquerades as a foreign national seeking aid to get to the UK to unite with their supposed loved ones.
Romance Scam Variants
TSB has revealed that romance fraudsters show no age bias, with instances evenly dispersed across all demographics. Yet, individuals aged between 51 and 65 account for 25% of victims and frequently bear the most substantial financial losses. These losses are especially prominent among those emotionally susceptible or those who have recently experienced a significant life event, such as a breakup or a partner’s passing.
In approximately 4% of romance scams, a blackmail component is present, with demands for payment following the exchange of explicit images or personal data. Many victims become so trapped in online affairs that they accrue debt, procuring loans to offset their losses.
Expert Advice on Safeguarding Yourself
Foremost, maintain caution towards anyone requesting money. Fraudsters frequently use fiscal demands, such as bills or daily living expenses, as a pretext to ask for money. They may also feign a need for monetary assistance to travel to meet you. Consider this a warning sign if an individual you’ve never physically met requests money.
Furthermore, it’s critical to pace things in online relationships. Fraudsters invest substantial time fostering trust with their targets before making their move. If your relationship appears to be moving too fast, it could signal a scam.
Avoid sharing personal information with someone you haven’t met physically. Keep sensitive data such as your full name, residential address, or financial information private. Verify the individual’s identity before disclosing any details. Use tools like reverse image search to confirm if the photos the person is using are theirs. Scrutinise their social media profiles for authenticity.
Keep your friends and family updated about online relationships. Fraudsters often strive to isolate their targets from their support networks, hence the importance of maintaining contact with your loved ones. Be wary of individuals claiming to be overseas and requiring assistance to return to the UK. Such claims are a common scam trope, and one should exercise caution when faced with such appeals.
Refrain from engaging in risky behaviours such as exchanging explicit images or other personal details that could potentially be used for blackmail. Finally, staying updated on the latest scam prevention tips and watching out for fraud awareness campaigns is crucial. These campaigns are intended to inform the public about recent scams and how to secure themselves against them.
The Responsibility of Social Media
Social media and big tech corporations must assume greater responsibility for protecting their platform users. Paul Davis, TSB’s Director of Fraud Prevention, underscored the significance of discussing online relationships with friends and family and exercising caution when disclosing personal information to individuals you haven’t met physically.
Romance scams are a growing menace in today’s digital era with fraudsters exploiting social media and dating platforms to defraud their victims. It is paramount to employ protective measures against these scams, and adhering to expert advice is an effective method to achieve this.
