"Banks have sometimes missed opportunities to help "break the spell" of romance scams after it was revealed one victim made 403 payments to a fraudster over the course of a year, resulting in losses of more than 72,000. The Financial Conduct Authority (FCA) acknowledged seeing examples of banks going to significant lengths to protect those vulnerable to romance fraud. However, the regulator also uncovered some missed chances to prevent these scams."
"City of London Police figures suggest more than 106 million was reported lost to romance fraud in the UK during the 2024/25 financial year, with a 9 per cent annual increase in reports. On average, victims lost 11,222 each. Victims are tricked into sending money to fraudsters who create false romantic relationships or friendships. More than eight in 10 (85 per cent) cases examined by the FCA started online, particularly through social media and dating websites,"
More than 106 million was reported lost to romance fraud in the UK during the 2024/25 financial year, with a 9 per cent annual increase in reports. On average, victims lost 11,222 each, and some victims made hundreds of payments to fraudsters, resulting in losses exceeding 72,000. The Financial Conduct Authority found examples of banks taking significant steps to protect vulnerable customers but also identified missed opportunities to prevent scams. Most examined cases (85 per cent) began online, particularly via social media and dating websites, highlighting a critical role for platforms in preventing fraud and reducing harm.
Read at www.independent.co.uk
Unable to calculate read time
Collection
[
|
...
]