Cases of romance fraud have almost doubled during the pandemic at an average loss of £6,100, new figures published by TSB have revealed.

Across the banking industry, TSB’s figures showed a recorded increase in losses of 91% compared to pre-pandemic levels.

Romance fraud involves people being tricked into sending money to criminals who go to great lengths to gain their trust and convince them they are in a genuine relationship. Fraudsters often pose as people working overseas to both appear within a recognised role and to account for their absence. This approach is often underpinned by an emotive story, and longing to get back home, with funds from their victim supposedly helping them edge closer to being together.

TSB’s research showed that the average ‘relationship’ is seeing victims of romance fraud making payments for 62 days – and with over a third of all cases starting on Facebook. TSB also found that female customers made up two thirds (66%) of the bank’s cases, losing an average £6,300 per case, compared to £4,600 for men.

Furthermore, the findings show that all age groups are vulnerable to romance fraud – with TSB refunded victims ranging from 18-year olds, to a 77 year-old. However, the average age of victims is 47.

To better explain the psychology behind these scams, TSB has teamed up with psychologist, Sam Owen, who commented: “The past two years left people craving human connection, especially if they’d been living alone and feeling lonely while the rest of the world seemed coupled-up. Sadly it was the perfect storm that would inevitably result in a significant increase in digital fraud cases.

“On some occasions, the longer these ‘relationships’ last, the more the victim wants it to work and finds it hard saying ‘no.’ The key is to pull the plug as soon as you start noticing signs that it’s a scammer you’re speaking with.”

According to UK Finance figures for H1 2021, just 35% of funds lost to romance fraud were returned to victims, with £5.3m of the £15.1m lost to romance fraud subsequently refunded to customers.

By contrast, TSB has refunded 97% of all bank fraud cases under its fraud refund guarantee, and the bank stated that it wants to see “stronger action” from online platforms to better protect their users from fake profiles.

TSB director of fraud prevention, Paul Davis, commented: “Dating sites and social media can be a great way of meeting people and staying connected during the pandemic – but they’re also riddled with scammers, hoping to break your heart and your bank balance with cruel and complex tricks.

“When interacting online, it’s important to remain on guard. Don’t put your trust in people you’ve never met in person – and if the conversation ever moves on to money, then it’s time to stop.”

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