Romance scams have seen a significant surge, with more than £3.8 million reported stolen from Santander UK customers in the past six months. This marks a 27% increase compared to the previous half-year period. Customers aged 18 to 93 have been affected by these scams, with the average loss amounting to £4,500. In total, Santander customers lost £6,826,748 to romance scams over the 12 months from August 2023 to August 2024, with £3,813,410 lost between March and August this year.
A survey conducted by Opinium for Santander revealed that half (50%) of respondents had received unsolicited online romantic or flirtatious messages that they suspected or confirmed to be scams. Despite this, nearly a third (29%) stated that they would offer financial help to a romantic partner they had known for less than six months. Surprisingly, even though romance scams are on the rise, 65% of people believed they would never become victims of such fraud.
Peter Staffell, a behavioural expert at Santander UK, highlighted the tactics used by scammers to gain trust and emotional connection before executing their fraud. He advised individuals to be cautious when forming relationships online, emphasizing the importance of conducting checks and avoiding making impulsive financial decisions based on emotions.
Former BBC’s The Traitors contestant, Paul Gorton, shared his experience of how easy it is to trust someone charming and overlook warning signs. He advised vigilance in spotting potential scammers, suggesting approaching new relationships with cautious optimism and staying alert to red flags.
Santander provided tips to help individuals protect themselves from romance and friendship scams:
1. Remove emotion from decision-making when lending money.
2. Conduct reverse image searches to verify the authenticity of profiles.
3. Be wary of individuals who refuse to video call or meet in person.
4. Never send money or personal details to someone you’ve only met online.
As romance scams continue to pose a threat, it is essential for individuals to remain vigilant and take precautions to safeguard themselves against fraudulent activities in the online realm.