Search

Romance fraud victims make payments over two months on average, confirms TSB

Continuing our February focus on romance fraud, TSB analysis has confirmed that victims of that particular crime make payments to criminals over two months on average.


The bank, which released the findings ahead of Valentine’s Day, said payments are made over 62 days typically. Female customers made up two-thirds (66%) of the cases it analysed.


TSB has refunded victims ranging from 18 years old to 77. The average age of victims is 47.


Repeated transactions within romance fraud “relationships” are a core component of these scams. Often, fraudsters will invent a “sob story” for why they need money urgently, as we have reported previously.


In one case seen by the bank, a customer was convinced she was talking to a soldier stuck overseas who claimed he needed money to get home for Christmas.


She sent six payments amounting to £1,200 - and realised she had been scammed just four days before Christmas.


Another case lasted nearly two years after a female customer was approached on Instagram and carried on conversing via WhatsApp.


The fraudster shared emotive stories to support his need for cash, including ones concerning police bail, hotel fees and flights.


Overall, the female victim made 36 payments, amounting to £40,000, which TSB said was refunded in full.


TSB also found the longest “relationship” spanned nearly three years and more than one in 10 (11%) lasted over half a year.


The bank said it has refunded 97% of all bank fraud cases generally under its fraud refund guarantee.



Paul Davis, director of fraud prevention, TSB, said:

"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.”

TSB’s data covered the period December 2020 to January 2022.


For more blogs and articles on the topic of romance fraud, see below.




 

Reporting

Report all Fraud and Cybercrime to Action Fraud by calling 0300 123 2040 or online. Forward suspicious emails to report@phishing.gov.uk. Report SMS scams by forwarding the original message to 7726 (spells SPAM on the keypad).

 

The contents of blog posts on this website are provided for general information only and are not intended to replace specific professional advice relevant to your situation. The intention of East Midlands Cyber Resilience Centre (EMCRC) is to encourage cyber resilience by raising issues and disseminating information on the experiences and initiatives of others. Articles on the website cannot by their nature be comprehensive and may not reflect most recent legislation, practice, or application to your circumstances. EMCRC provides affordable services and Trusted Partners if you need specific support. For specific questions please contact us by email.

 

EMCRC does not accept any responsibility for any loss which may arise from reliance on information or materials published on this blog. EMCRC is not responsible for the content of external internet sites that link to this site or which are linked from it.