Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Membership today.
Already a member?
Log in
A warning has been issued after pensioners lost thousands of pounds to cruel financial scams.
Lloyds Banking Group said pensioners lost an average of almost £10,000 to romance scams this past year.
Fraud experts are urging potential victims to be suspicious if feelings develop very quickly for someone you don’t know well who is requesting financial help.
But it’s not just pensioners, romance scams are increasingly catching out younger adults, with reports from people aged 18 to 24 rising faster than any other age group over the last year.
The highstreet banking giant said it has recorded a 24 per cent jump in reports of romance scams over the past year.
However, reports involving victims aged 18 to 24 increased 59 per cent, while those involving victims aged 25 to 34 rose 39 per cent.
About a quarter of romance scam victims were aged between 18 and 34. Younger victims report meeting scammers on dating apps such as Tinder and Hinge, as well as social media platforms TikTok and Snapchat.
Older age groups still accounted for the largest proportion of total victims, with 19 per cent aged 55 to 64 and a further 19 per cent aged 65 to 74. Those aged over 50 are more likely to meet scammers on traditional dating websites such as Plenty of Fish and Match.com, as well as on Facebook and Instagram.
More than half (55 per cent) of all money lost to romance scams came from victims aged over 65. Victims aged 75 to 84 lost an average of £9,051, the highest average of any age group, and 19 per cent more than the previous year.
Invest at least £100 in Stocks or ETFs of your choice. Get fractional shares worth £50!
Terms and conditions apply.
ADVERTISEMENT
Invest at least £100 in Stocks or ETFs of your choice. Get fractional shares worth £50!
Terms and conditions apply.
ADVERTISEMENT
Victims have told the highstreet bank how they have sent money to scammers after meeting them through dating apps.
In one instance a victim sent £20 to a scammer after they claimed they could not afford fuel, before making excuses about why they could not meet. Eventually the requests for money became more frequent and when they requested larger sums the victim realised they were being scammed.
“If someone you’ve recently met starts asking for money, take a step back and speak to someone you trust. A genuine relationship should never depend on money,” Liz Ziegler, Fraud Prevention Director at Lloyds, said.
She added: “We speak to customers every day who believed they had found a genuine relationship, only to discover that the person they trusted was only interested in money. Victims can be left dealing not only with a financial loss, but also the distress of learning that the relationship and future they had imagined were never real.
“The rise in reports from younger adults shows anyone building friendships or relationships needs to recognise the warning signs.”
Ms Ziegler provided a number of tips to avoid a scam:
- Romance scammers often use intense messages and declarations of love to create a strong emotional connection before asking for money.
- Protect personal and financial information. Do not share banking details, passwords, copies of identity documents or intimate material.
- Look out for red flags. Be cautious of changing circumstances, inconsistencies and excuses that do not stand up to scrutiny. Be cautious if their online profile seems newly created, contains limited information, or appears too good to be true.
- A reverse image search can show whether a photo appears elsewhere online or is being used on another person’s profile.
- Step back from feelings of urgency or guilt. Fraudsters often create pressure, emergencies or emotional ultimatums to encourage quick payments.
- Talk to someone you trust. Tell a friend or family member about the relationship, particularly before sending money. An outside perspective can help identify pressure or inconsistencies that are harder to recognise when emotions are involved.
