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What is a Romance Scam?
A romance scam occurs when individuals pose as romantic partners online to deceive their targets and obtain financial assets.
The romance scam is one of the most common Valentine’s Day scams in recent years, and the number of cases continues to rise year-on-year. The banking industry has once again issued a warning regarding this scam.
Romance Scam Statistics
In 2021, the average loss to a victim involved in a romantic scam was £4,720, which increased by 150% in 2022, averaging a loss of £11,796 per case.
According to recent studies carried out by TSB, the age group most susceptible to this type of scam are individuals between the ages of 51 and 65, as data suggests this age group is three times more likely to fall victim to a romance scam than other age groups. This age group accounts for 46% of all money lost to romance scams and typically falls victim to a larger amount of money.
Further Romance Scam Statistics
A further list of romance scam statistics:
- £68 million lost on romance scams in 2022 in the UK
- Nearly 60% of all online profiles may be inactive or fake
- More than 50% of dating scam victims in the UK are women
- Potential victims are more vulnerable around Valentine’s Day
- Bank transfers and gift cards are the most commonly used payments
The people behind this scam con people by first making a connection with them and then asking for money using various excuses. There have been many cases in which these romance scammers have manipulated people.
Romance Scam Examples
Examples of Romance Scams:
- Require help to pay for travel expenses to visit you.
- Require financial help for medical expenses – they or a family relative are sick.
- Require emergency money as something has happened.
- Need help paying debts – they may act like they are in big trouble unless debts are paid.
It is essential that everyone is cautious while engaging with individuals they meet online and never transfer funds to someone they have not physically met.
Romance Scam Warning Signs
There are many warning signs that may help prevent romance scams. We’ve created a romance scammer list for warning signs below.
Romance scam warning signs include:
- Distance – They are far away
- They ask for money
- They ask for money in a particular way
- They let you down – breaking promises every time you’ve arranged to meet up or video call.
- They are too good to be true. Unfortunately, people can be blinded by this, but if someone’s profile looks too good to be true, it probably is.
How to stop a romance scam?
To avoid falling victim to this type of scam, the banking industry recommends that individuals take the necessary time to thoroughly get to know the person they are communicating with before taking any major steps.
Still, scammers are in it for the long term. They will ‘make you fall in love’ and still take everything you have. They have no remorse. That said, it is crucial to be vigilant and cautious when receiving money requests and always be on the lookout for red flags.
Find out more about how scammers send you stolen money as part of a money mule scam.
How to report a romance scam?
To report the scam, you can contact these below:
- Contact your bank immediately if you’ve fallen for the scam and have sent money.
- Contact your local police station.
- Contact Action Fraud.
Individuals should be mindful and cautious while navigating the internet, who they speak to and the information they share, especially concerning finance-related matters. Taking the necessary precautions can save individuals from falling prey to the many types of scams, especially those in the 51-65 age group who are at higher risk of falling victim to a romance scam.
Excellence IT is committed to assisting users in protecting themselves from cyber attacks, so we urge you to follow the instructions in this blog to protect yourself and those you care about this Valentine’s Day.
Don’t fall for a scam. Fall for Excellence IT instead
Excellence IT is a managed service provider based in Cardiff, with cyber security at the heart of everything we do. We keep you safe with a mix of hardware, software and training all year round.
Secure IT is our cybersecurity training and awareness platform. It combines engaging courses, phishing simulations and a data breach monitoring tool to keep your passwords off the internet.
If your business would benefit from Secure IT, get in touch today. You can contact us by submitting a form at the bottom of this page.
Romance Scams can occur on any platform where people connect, including social media sites, dating apps, and online forums. However, dating websites and apps are particularly common places for scammers to target victims.
Scammers exploit emotions like love and fear, using techniques such as love bombing, gaslighting, and isolation from friends and family to control and deceive their victims.
The duration can vary widely; some scams may last a few weeks, while others can go on for years, depending on the scammer’s strategy and the victim’s response.
Conduct online searches for their name, photos, and details they’ve given you. Consider using reverse image searches to find if their photos appear elsewhere. Insist on video calls to ensure the person matches their profile.
Look for inconsistencies in their stories, reluctance to meet in person or video chat, professional-looking photos that seem too perfect, and profiles that seem to move too quickly in romantic or emotional depth.
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