Bank Warns: Romance Scams Cost People Big Money

TSB bank is warning people about romance scams. Scammers trick people into sending money, often losing thousands of pounds. Older people are most at risk. TSB gives tips on how to avoid these scams.
By Newsroom | Fraud, UK |

Recent reports highlight a concerning trend: romance scams are costing Britons an average of £7,500 each, with older age groups being particularly vulnerable. TSB, a prominent UK bank, has issued warnings about these "devastating" fraud tactics, emphasizing the methods used by criminals and offering advice to prevent victims from falling prey to these schemes.

I'm a TSB expert - how to avoid 95-day spell costing Brits £7,500 each - 1

The Financial and Emotional Toll of Deception

Romance scams operate by building a false sense of connection and trust online, often through dating sites or social media platforms. Victims may be lured into sending money under various pretexts, with the fraudsters meticulously grooming them over extended periods, sometimes months, to establish this trust.

I'm a TSB expert - how to avoid 95-day spell costing Brits £7,500 each - 2

  • Scammers may use personal information or content shared by victims to blackmail them into making payments.

  • Refusal to pay can lead to threats of publicly sharing private content.

  • The average loss per victim can reach as high as £7,500.

Tactics Used by Romance Scammers

Criminals employ specific strategies to exploit individuals seeking companionship online. These methods are designed to slowly build rapport before making financial demands.

Read More: Jonbon and Pic D'Orhy Race at Ascot Chase

I'm a TSB expert - how to avoid 95-day spell costing Brits £7,500 each - 3

  • Grooming Period: Professionals often spend several months building trust with their targets.

  • Patterned Excuses: Once an initial payment is made, fraudsters invent recurring excuses to request more money.

  • Exploitation of Personal Content: Photos or other shared content can be used for blackmail.

Vulnerable Demographics Identified by TSB

TSB data reveals specific age groups are more susceptible to these scams, indicating a need for targeted awareness campaigns.

  • Age Group Vulnerability: Individuals aged 65-74 are most likely to be targeted, representing approximately one in five victims.

  • Platform Usage: Facebook is identified as the platform where the highest number of TSB cases originate.

  • Dating Apps: These platforms account for around two-fifths of scam cases reported to TSB.

"TSB advises that when the talk turns to cash, and you have not met in person, end the conversation."

Protective Measures and Expert Advice

TSB experts offer actionable advice to help individuals safeguard themselves against romance fraud. The core principle revolves around caution, verification, and a healthy skepticism towards online relationships that involve financial requests.

Read More: Health Warning for Families Visiting Farms

  • Verification is Key: It is difficult to ascertain the true identity of online contacts until they are met in person.

  • Patience and Prudence: Avoid rushing into emotional or financial commitments with individuals not yet met in real life.

  • Information Protection: Do not share personal details with someone you have not met.

  • Financial Restraint: Never send money to online acquaintances.

  • Seek Second Opinions: Discuss online relationships with trusted friends or family who may identify inconsistencies in a person's story.

"Finally, take your time and don’t rush in with people you’ve not yet met. Don’t give personal information away to someone you haven’t yet met – and certainly don’t send money."

Broader Financial Tips from TSB

Beyond romance scams, TSB also provides general financial advice to help individuals manage their money, especially during periods like summer holidays.

Read More: UK Court Says Ban on Palestine Action Group Was Unlawful

  • Interest-Free Credit: Consider options with longer interest-free periods if using credit.

  • Prepaid Cards: These can aid in sticking to a budget.

  • Holiday Scams: Be wary of accommodation scams, where advertised properties may not exist.

  • Budgeting: Planning and setting realistic budgets are crucial to avoid financial shortfalls.

  • Savings and Grants: Utilize savings pots and explore eligibility for grants or benefits through services like TSB's partner, Lightning Reach.

Conclusion

The increasing prevalence and financial impact of romance scams necessitate heightened awareness and preventative measures. TSB's warnings underscore the sophisticated tactics employed by fraudsters and highlight the importance of personal vigilance, especially for older demographics. By adhering to expert advice and maintaining a cautious approach to online interactions, individuals can significantly reduce their risk of becoming victims of these financially and emotionally damaging schemes.

Sources Used:

Frequently Asked Questions

Q: What is a romance scam?
A romance scam is when someone pretends to love you online to get your money. They build trust over time and then ask for money.
Q: How much money do people lose?
People can lose around £7,500 on average. Some lose much more.
Q: Who is most likely to be scammed?
People aged 65 to 74 are targeted most often. Facebook is a common place for these scams to start.
Q: What should I do if someone asks for money online?
Never send money to someone you have only met online. If they ask for money, stop talking to them.
Q: How can I stay safe from romance scams?
Be careful with people you meet online. Do not share personal details or money until you meet them in person and trust them fully.