TSB finds that 51-65-year-olds account for almost half (46%) of money lost to romance fraud, although the number of fraud cases are spread out across all age groups. 

Romance scammers have claimed over 7,000 victims in under three years – and stolen over £65 million from people seeking romance online.  

Money lost spiked by ninety-five per cent (95%), with a fifty per cent (50%) increase in cases. The banking sector currently records 64 cases every week. 

How do fraudsters extort money? 

Scammers spend time building trust with their targets before requesting money. TSB found that the average relationship – between the first and last payment made – lasts 53 days.  

In three-fifths (60%) of cases, scammers simply demand financial help for bills or daily living costs. Either with specific stories about needing medical help, home improvements or car maintenance; or just money to help them ‘get by.’ 

One in six (21%) claim they are stuck abroad and need help supporting themselves while they try to find a way home – with ‘working on an oil rig’ a particular favourite. 

Almost one in 10 (8%) cases see scammers receiving the money to book travel to be with their ‘partners,’ – for trips they will never make. 

Showing the darkest aspect of this crime, in one in 20 (4%) cases, scammers received payments because they had blackmailed their prey – either due to having been sent explicit images or due to personal information shared with them. 

Where do these scams typically take place? 

TSB is urging the public to remain vigilant on all platforms and highlights Facebook and Instagram as the main offenders - as scammers create fake profiles with ease. TSB also recorded cases on Match, Plenty of Fish, Snapchat, Grindr and Tinder. 

TSB advises consulting a friend or family member the very moment an online relationship turns to requests for money. The Bank also stresses the importance of not giving personal and sensitive information away to someone you haven’t met. 

Which age groups are most impacted? 

Case volume is spread out relatively evenly across demographics: 18-35 (26%), 36-50 (26%), 51-65 (25%) and 65+ (22%).  

However, TSB found that 51–65-year-olds are spending by far the most money in their ‘relationships,’ accounting for nearly half (46%) of all financial losses. Alarmingly, over 65s account for a quarter (26%) of money sent to scammers.  

Younger victims typically spend less – with 18-35-year-olds comprising one in seven (14%) losses. Followed by 36–50-year-olds who lost 13 per cent of the overall total.  

Those aged under 18 did not record a single loss. 

Romance fraud is big business 

Sadly, romance fraud is big business – with nearly £17milllion lost by all bank customers in the first half of 2022 alone. The latest industry data reveals almost £10,000 is lost per case. 

At TSB, romance fraud accounts for four per cent of all fraud losses, but these are certainly the most emotive scams that TSB refunds. 

The higher-value cases that the industry sees often involve fraudsters preying on emotionally vulnerable customers who have recently had a life-changing experience.  

Tragically, people can be so involved in online relationships that they even take loans out to ‘support their relationship.’ A quarter of TSB’s cases over £10,000 included this element. 

TSB’s Fraud Refund Guarantee continues to provide life-changing protection against romance fraud – ensuring that customers don’t live with the double blow of a broken heart and drained bank account. 

Paul Davis, Director of Fraud Prevention, TSB, said: 

“The best way of beating romance scammers is by talking to friends and family about the relationships you’re in – if you’re ever asked to send money then it’s time to stop. 

“Social media and tech firms need to step up to better protect those seeking relationships on their platforms.”