The article discusses the alarming rise in financial scams, particularly romance scams, highlighted through the experience of a widowed pensioner duped by a fake girlfriend. Clare, a call handler at Santander's fraud prevention department, tries to help him understand that he is being scammed, which is often challenging due to the emotional investment victims have in their online relationships. Data from UK Finance shows significant losses across the banking sector, prompting mandatory refunds for victims, emphasizing the urgency for banks to adequately protect customers.
The prevalence and complexity of scams has soared since the pandemic, leading to substantial financial losses for banks and victims alike, requiring urgent measures to protect savings.
The Break the Spell team at Santander handles clients deeply entangled in scams, guiding them to recognize deceit and reclaim lost funds.
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