People aged 51 to 65 accounted for nearly half of the amount of money reported lost to romance fraud in 2022, according to TSB.
Scammers will create fake profiles on dating websites and social media and spend time building trust with people looking for a relationship before asking for cash.
Analysis by TSB among its customers found the average length of time between the first and last payment being made to a romance fraudster by their victim is 53 days.
Multiple payments over periods of time are common within romance scams.
In terms of the number of romance fraud cases reported to TSB, 18 to 35-year-olds made up around 26% of cases, 36 to 50-year-olds also accounted for 26%, 51 to 65-year-olds made up 25% of cases and people aged 65-plus accounted for 22%. The percentage figures were rounded.
If you’re ever asked to send money then it’s time to stop
Paul Davis, TSB
However, the bank found that 51 to 65-year-olds collectively spent by far the most money on their “relationships”, meaning this age group accounted for 46% of financial losses to romance scams.
In three-fifths (60%) of all romance fraud cases analysed by TSB in 2022, scammers asked for financial help with bills, or daily living costs.
Some had specific stories about needing medical help, home improvements or car maintenance, while others asked for money to help them “get by”.
One in six…
