Romance scams continue to be a prevalent issue, with a 22% increase in victims reported in 2023 compared to the previous year, according to data from Lloyds Bank. The average amount lost per incident was £6937 ($8847) in 2023, slightly lower than the average loss of £8237 ($10,505) in 2022.
These scams have become more prominent in recent years, with scammers using fake profiles on social media and dating apps to deceive victims. They often spend time building trust with their targets, showering them with affection and attention online. The scammers create elaborate profiles with fake photos and information, making it difficult for victims to discern their true intentions.
Victims of romance scams often report that scammers make excuses for not meeting in person or showing their face on video calls. Common reasons given include working in the armed forces or in international aid and charity work. After gaining the victim’s trust, scammers typically request money for various reasons such as family emergencies or medical bills, starting with small amounts and gradually escalating.
Men are slightly more likely to fall victim to romance scams, accounting for 52% of incidents. However, women who are scammed tend to experience higher average losses, with an average of £9083 ($11,589) compared to £5145 ($6564) for men. The age group most susceptible to these scams is between 55 and 64, with a 49% increase in cases from the previous year. Victims aged 65-74 reported the highest average losses per incident, at £13,123 ($16,742).
To avoid falling victim to romance scams, Lloyds Bank advises individuals to be cautious of professional-looking or model-like profile pictures, seek a second opinion from someone they trust when suspicious of a profile, and be wary of individuals who make excuses for not meeting in person. It is crucial never to send money or disclose personal or financial information to someone met online.
In a concerning development, cybercriminals are now utilizing generative AI tools such as ChatGPT to enhance their social engineering attacks, including romance scams. AI chatbots are making it increasingly challenging for victims to detect fraudulent activity, as scammers use sophisticated psychological techniques to manipulate their targets.
As the prevalence of romance scams continues to rise, it is essential for individuals to remain vigilant and cautious when interacting with strangers online. By following best practices and staying informed about the latest tactics used by scammers, individuals can protect themselves from falling victim to these deceitful schemes.