Protecting yourself from romance scams
Protecting yourself from romance scams
In today’s digital world, online connections have become the norm. While dating apps and social media provide new ways to meet people, they have also created opportunities for fraudsters. Romance scams occur when a criminal builds a fake online relationship with the intent to manipulate and financially exploit their victim.
These scams are on the rise. In the first half of 2024 alone, UK victims lost £14.5 million to romance fraud. The emotional and financial toll can be devastating, making it essential to recognise the warning signs and stay protected.
How romance scams work:
Fraudsters use a variety of methods to gain trust before making financial requests.
These scams typically follow a pattern:
- Building trust – Scammers often create convincing fake profiles using stolen photos and fabricated personal details. They appear charming, genuine, and deeply interested in their target.
- Creating emotional dependency – They invest significant time, in some cases months, to develop a relationship, often communicating daily to build trust and attachment.
- The financial request – Once trust is established, the fraudster introduces a crisis or opportunity that requires financial help. Common scenarios include:
- Claiming to be stranded abroad and needing urgent funds.
- Facing a sudden medical emergency with no access to healthcare.
- Presenting a lucrative investment opportunity, urging their victim to participate.
- Ongoing manipulation – If a victim sends money, the requests often continue, with increasing emotional pressure to provide more support.
How to stay safe
Protecting yourself from romance scams requires vigilance. Follow these key steps to stay safe online:
- Pause before sending money – A genuine partner will never pressure you into making financial decisions. Requests for cryptocurrency, prepaid cards, or bank transfers to unknown accounts should raise concern.
- Protect your personal details – Avoid sharing sensitive information, such as your financial situation or your location, with someone you have never met.
- Verify identities – Conduct a reverse image search of profile pictures to check if they are stolen from elsewhere. Fraudsters will also consistently refuse to meet in person or make video calls, offering excuses.
- Talk to someone you trust – Friends, family or your banker can provide an objective perspective and spot red flags.
- Artificial Intelligence – Fraudsters have access to AI which can make them appear as someone they are not i.e. via video.
Fraudsters rely on urgency and emotional manipulation to succeed. If you think you have been a victim of this type of scam, please speak to your private banking team or Relationship Manager in the first instance. You can also contact the Private Bank on +44 (0) 1933 543 600 or the Racing Bank on +44 (0) 1933 543 543.