Barclays is issuing a warning to those looking for love this summer, as the Bank’s latest data1 reveals romance scams are on the rise, with the amount claimed in May/June up 139 percent compared to March/April 2024.

This seasonal peak aligns with 2023’s figures, with new research also revealing that one in three singletons (34 percent) is more open to dating in the summer months2. July accounted for 12 percent of all romance scam claims last year, with the number of reports 2.5 times higher than the Valentine’s period of February 2024.

The Barclays Scams Bulletin monitors scam claims made across Barclays personal and business current accounts, providing a comprehensive view of data and emerging trends to educate consumers on how to spot and stop scams at source and protect their funds.

Romance scams take place when someone pretends to be interested in a romantic relationship, gaining their victim’s trust before manipulating them into sending money or personal information, causing financial and emotional harm. Analysis of proprietary Barclays data and consumer research reveals the misconceptions, stigmas and the serious implications that exist around romance scams.

1. Men more likely to fall victim to a romance scam, while women lose more money

• On average, female victims lose 2.5 times as much money to romance scams as men, at over £8.9K versus £3.5K respectively, yet men are more likely to fall victim, representing almost three in five (59 percent) reported cases
• There was a 43 percent increase in romance scams reported by women in May-June 2024, compared to March-April of this year
• Men are almost three times more inclined to consider sending money to someone they’re in an online relationship with, but have not met in person, at 18 percent versus 7 percent for women2

Kirsty Adams, Fraud and Scams Expert at Barclays, says: “It may be surprising to see that men more often fall victim to romance scams, as stereotypes have often incorrectly painted women as more susceptible.”

“This is backed by our additional research, which shows that men are generally more willing than women to transfer money to people they have recently started dating, even if they are yet to meet in person.

“It can be easy to get caught up in the whirlwind of a new romance, but we’re urging everyone to make sure they have taken the time to truly get to know and verify the identity of the person they are speaking to before transferring any sum of money, no matter what reason they give or how urgent the request seems.”

2. Concern around the safety of dating apps and social media remains rife

• A third (32 percent) of consumers say they’ve been put off online or app dating due to fear of romance scammers
• The majority (54 percent) agree dating apps and social media sites are unsafe due to romance scammers operating on these platforms – with Barclays data showing 35 per cent of romance scam claims originate on dating sites and apps, while 44 percent start on social media
• One in four (23 percent) people have encouraged a family member or friend to stop online dating due to concerns over romance scams

Kirsty Adams, Fraud and Scams Expert at Barclays, says: “Social media platforms and dating apps are by far the biggest sources of romance scams, which is no surprise considering how the dating landscape has changed over the years.

“It’s more important than ever for tech companies to step up their support for scam victims and take greater action to prevent scammers from operating on their platforms. This is why Barclays has been calling on the government to make the prevention of scams mandatory and tech companies more liable for scams. We will only be able to drive back the scams epidemic through collaboration - working together, across industries to stop scams at their source.”

3. Romance scam stigma persists

• Three in 10 (30 percent) Brits said they would not tell friends or family if they were the victim of a romance scam – 30 percent would even refrain from telling friends/family if they were in an online relationship
• This sense of secrecy can add to the vulnerability of victims, as one in five (21 percent) Brits have a friend or family member who they worry could be susceptible

Kirsty Adams, Fraud and Scams Expert at Barclays, says: “We know that many victims of romance scams can feel a sense of shame. They’ve not only lost money, but they’ve had their heart broken too – both very personal topics that can be difficult to discuss.

“No victim should feel ashamed. It can happen to anyone and scammers often adopt sophisticated tactics and invest a huge amount of time into building a relationship and sense of trust with their victims. It’s important that this stigma doesn’t prevent a scam from being reported. We strongly encourage anyone who has been targeted to report it to their bank and to open up to family and friends for emotional support.”