Romance rip-off warning as fraudster cons £72k from sufferer

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Your help makes all of the distinction. Learn extra Banks have typically missed alternatives to assist "break the spell" of romance scams – after it was revealed one sufferer made 403 funds to a fraudster over the course of a 12 months, leading to losses of greater than £72,000.

The Monetary Conduct Authority (FCA) acknowledged seeing examples of banks going to important lengths to guard these susceptible to romance fraud.

Nevertheless, the regulator additionally uncovered some missed possibilities to forestall these scams.

Metropolis of London Police figures counsel greater than £106 million was reported misplaced to romance fraud within the UK throughout the 2024/25 monetary 12 months, with a 9 per cent annual improve in stories. On common, victims misplaced £11,222 every.

Victims are tricked into sending cash to fraudsters who create false romantic relationships or friendships.

Greater than eight in 10 (85 per cent) instances examined by the FCA began on-line, significantly by means of social media and courting web sites, suggesting platforms have a vital position to play in stopping fraud and lowering hurt, the regulator stated.

Particular person losses in confirmed romance fraud instances assessed by the FCA ranged from £100 to £428,249.

<img src="https://static.independent.co.uk/2025/02/14/08/06113110-27b8a44e-a639-4217-985a-1e840a40968d.jpg" srcset="https://static.independent.co.uk/2025/02/14/08/06113110-27b8a44e-a639-4217-985a-1e840a40968d.jpg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2025/02/14/08/06113110-27b8a44e-a639-4217-985a-1e840a40968d.jpg?quality=75&width=640&auto=webp 640w" loading="lazy" alt="The Financial Conduct Authority (FCA) said it had seen examples of banks going to significant lengths to protect those at risk of romance fraud" class="sc-1mc30lb-0 ggpMaE inline-gallery-btn"/> open picture in gallery

The Monetary Conduct Authority (FCA) stated it had seen examples of banks going to important lengths to guard these susceptible to romance fraud (Alamy/PA) In its romance fraud assessment, the FCA set out measures that banks and different fee companies might take to guard their prospects – reminiscent of higher detection and monitoring techniques, workers coaching, early identification of indicators of vulnerability, and compassionate aftercare.

The regulator stated companies can have issue stepping in as a result of victims could also be reluctant to simply accept they're being defrauded. In almost half (42 per cent) of the instances the FCA reviewed, victims didn't disclose the true purpose for making a fee when requested.

A key space of enchancment is for companies to make sure their workers are educated to identify purple flags and critically probe buyer explanations, the regulator stated. It added that this was not constant throughout all companies.

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In 15 per cent of the instances reviewed, prospects had beforehand been victims of fraud whereas banking with the identical agency, highlighting the necessity for tailor-made protections and ongoing monitoring, the regulator stated.

In 1 / 4 (25 per cent) of instances, victims have been coerced into getting funds from numerous sources, together with new loans, borrowing from family and friends or liquidating their private belongings.

The regulator recognized instances the place victims have been left in a financially susceptible scenario, with one coming into a person voluntary association (IVA).

<img src="https://static.independent.co.uk/2025/09/17/00/9281bf3a8d7d77374bfa6f301e5850cbY29udGVudHNlYXJjaGFwaSwxNzU4MTAxODc4-2.22516526.jpg" srcset="https://static.independent.co.uk/2025/09/17/00/9281bf3a8d7d77374bfa6f301e5850cbY29udGVudHNlYXJjaGFwaSwxNzU4MTAxODc4-2.22516526.jpg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2025/09/17/00/9281bf3a8d7d77374bfa6f301e5850cbY29udGVudHNlYXJjaGFwaSwxNzU4MTAxODc4-2.22516526.jpg?quality=75&width=640&auto=webp 640w" loading="lazy" alt="Romance scammers will often use certain occupations as excuses for why they cannot meet up in person" class="sc-1mc30lb-0 ggpMaE inline-gallery-btn"/> open picture in gallery

Romance scammers will typically use sure occupations as excuses for why they can not meet up in particular person (Dominic Lipinski/PA) In a single case within the FCA’s assessment, somebody made 403 funds to a fraudster over the course of a 12 months, leading to losses of greater than £72,000.

One other case concerned a sufferer telling financial institution workers they meant to ship cryptocurrency funds to Iraq, claiming it was the one technique accepted by their “companion” within the army.

However it stated many companies have been offering a excessive degree of help, often exceeding the FCA’s expectations, by means of compassionate and tailor-made engagement.

Steve Good, government director of enforcement and market oversight on the FCA, stated: “Romance fraud is a vicious crime. All too typically it's the susceptible that fall sufferer. The influence – financially and personally – will be devastating.

“We recognise the problem banks and fee companies have in combating this complicated crime and this assessment goals to assist them keep one step forward of the criminals.

“We additionally all have to be on guard so we will shield ourselves and family members by recognising the romance fraud purple flags.”

The FCA stated it noticed optimistic examples of banks and fee companies going above and past. One agency made 11 calls over a six-week interval to help a sufferer, demonstrating a dedication to breaking the fraudster’s maintain and restoring buyer confidence, the regulator stated.

One other responded with care to a sufferer who had just lately divorced and was supporting a baby present process most cancers therapy, it stated. They proceeded to carefully monitor the sufferer’s account.

Highlighting purple flags of romance fraud, the FCA stated alarm bells ought to ring if an individual who you have got solely handled on-line asks for cash or suggests investments.

Asking for plenty of private data is one other potential warning signal.

Folks can use picture checkers to see if the picture of the particular person they consider they're speaking to has been taken from elsewhere.

<img src="https://static.independent.co.uk/2022/05/11/10/e390aa7d3016b56772770cdea3dc033bY29udGVudHNlYXJjaGFwaSwxNjUyMzQ3NzA5-2.65208092.jpg" srcset="https://static.independent.co.uk/2022/05/11/10/e390aa7d3016b56772770cdea3dc033bY29udGVudHNlYXJjaGFwaSwxNjUyMzQ3NzA5-2.65208092.jpg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2022/05/11/10/e390aa7d3016b56772770cdea3dc033bY29udGVudHNlYXJjaGFwaSwxNjUyMzQ3NzA5-2.65208092.jpg?quality=75&width=640&auto=webp 640w" loading="lazy" alt="In one case in the FCA’s review, someone made 403 payments to a fraudster over the course of a year, resulting in losses of more than £72,000" class="sc-1mc30lb-0 ggpMaE inline-gallery-btn"/> open picture in gallery

In a single case within the FCA’s assessment, somebody made 403 funds to a fraudster over the course of a 12 months, leading to losses of greater than £72,000 (PA Wire) Folks ought to report scams to the police and their financial institution or constructing society. Talking to the account supplier as quickly as potential might assist it to claw again any losses and forestall additional funds going out.

Michelle Pilsworth, head of fraud and complaints, Santander UK, stated: “Since January, we’ve seen almost £5.5 million stolen by scammers by means of romance fraud alone.

“These criminals will make investments time in constructing an emotional connection, earlier than asking for cash they’ll declare is required for meals, medical therapy, or an funding alternative. We’re additionally more and more seeing them asking for present playing cards.

“The lengths these scammers go to, to earn a client’s belief, make these some of the distressing scams, leaving folks feeling emotional and financially susceptible.

“At Santander, we now have a devoted ‘break the spell’ workforce, a specialist fraud prevention unit that works with prospects who're being manipulated by scammers, significantly in instances of romance scams.

“Within the first six months of this 12 months, the workforce stopped scammers stealing an extra £3.5 million from our prospects.”

Liz Ziegler, fraud prevention director, Lloyds, stated: “Profiting from people who find themselves on the lookout for love and companionship, fraudsters play with victims’ feelings after they could possibly be at their most susceptible.

“While they are often convincing, it’s simple to identify among the most blatant errors these scammers could make. At all times take a step again and ask your self if what they're telling you sounds plausible.

“By no means in any circumstances, ship cash to somebody you’ve met on-line. No good relationship begins off on this approach, and there aren’t many legitimate causes in 2025 why somebody can’t converse to you on the telephone.

“If in case you have an older particular person in your life that's lively on-line, make certain to coach them as greatest you possibly can on the dangers and indicators of potential fraudsters trying to reap the benefits of them.”

<img src="https://static.independent.co.uk/2023/02/02/00/18182449-96a02c1b-9f47-43d2-be78-59eecf64ffc5.jpg" srcset="https://static.independent.co.uk/2023/02/02/00/18182449-96a02c1b-9f47-43d2-be78-59eecf64ffc5.jpg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2023/02/02/00/18182449-96a02c1b-9f47-43d2-be78-59eecf64ffc5.jpg?quality=75&width=640&auto=webp 640w" loading="lazy" alt="Victims are tricked into sending money to fraudsters who create false romantic relationships or friendships" class="sc-1mc30lb-0 ggpMaE inline-gallery-btn"/> open picture in gallery

Victims are tricked into sending cash to fraudsters who create false romantic relationships or friendships (iStock/PA) Pat Hurley, ombudsman director on the Monetary Ombudsman Service (FOS), stated: “Over the previous 12 months alone, we’ve obtained a whole lot of complaints about romance scams, typically involving scammers deceiving victims and gaining their belief utilizing completely different on-line platforms like courting websites and gaming apps.

“It’s essential that individuals perceive that there isn't a disgrace in falling sufferer to a romance rip-off. Folks don’t must really feel embarrassed, there may be assist out there.”

Nick Sharp, deputy director for fraud on the Nationwide Crime Company, stated: “Romance fraud impacts folks not solely financially, but in addition emotionally, with victims typically discovering it difficult to ponder that somebody they thought they may belief was not what they thought.

“This makes it some of the dangerous sorts of fraud that victims face and all of the extra essential that every one industries take each alternative to establish such frauds and develop a victim-centred strategy.”

Rocio Concha, Which? director of coverage and advocacy, stated: “Banks and fee suppliers are on the entrance line to guard their prospects from sending cash to fraudsters, so it’s good to see the FCA setting out clear expectations for a way these companies ought to shield their prospects.

“The regulator should not hesitate to take motion towards any companies falling quick.”

A UK Finance spokesperson stated: “Banks are dedicated to defending their prospects from romance fraud – they make investments important sums and have groups which are educated to identify warning indicators.

“The FCA’s assessment highlights that a whole lot of good work is completed to maintain folks protected and forestall this terrible crime from going down.

“Corporations will tackle board the FCA’s findings and look to make any enhancements wanted to maintain much more folks protected.”

The spokesperson added: “We'd like social media and courting websites to take a lot larger motion to handle the issue that begins on their platforms.

“To remain protected, it’s essential to be open and sincere together with your financial institution after they ask you questions concerning your funds.

“And we encourage everybody to observe the recommendation of the Take 5 To Cease Fraud marketing campaign and phone your financial institution if you're involved about being a sufferer of fraud.”