Increase in Romance Scams
Romance scams involve fraudsters using fake identities to gain the confidence of their victims and to lure them into transferring money to alleviate a false financial crisis. These highly skilled criminals can assume multiple profiles and are willing to take months and even years to reel in their prey. The global rise in this form of crime has proliferated as people increasingly post details of their lives in the public domain. In some cases, criminals deliberately target more vulnerable members of society, focusing on bereavement notices in newspapers or social media posts regarding illness. Many victims are too embarrassed to share the details with close family or friends and may be reluctant to involve the local police or ScamSmart. This results in criminals honing their dark arts by defrauding multiple victims and having a steady source of cash to fund further crimes. While we are all familiar with the stories of older ladies being conned by younger gentlemen they met on an exotic foreign holiday, there are multiple ways in which romance scams can be perpetrated and many of those involve situations that even the least gullible of us might fall for. For example, an individual introduces themselves on social media and refers to intimate details of a ‘mutual friend’ in a highly convincing manner which, in reality, have been gleaned from information available on the internet.
A recent Lloyds Bank survey revealed a significant increase in romance scams, particularly those involving older members of the population. The survey identified a 52% rise in scams affecting those over 55, with the 55 to 64 age group being the most targeted by criminals. The loss to victims also increased, with the average crime involving over £8,000. Unsurprisingly, members of the armed forces and those working on oil rigs were particularly likely to become victims – relying more than most of us on developing online relationships. But the survey highlights that any one of us could be at risk of this highly lucrative crime perpetrated by sophisticated individuals.
Do be careful when you provide any personal information online and exercise caution if you are connecting remotely with people who you have never met. For further information about how these criminals operate, please read the case studies provided by Lloyds which formed the basis of their survey results: