Romance scam warning as fraudster cons £72k from victim
Banks sometimes miss opportunities to help “break the spell” of romance scams; after it was revealed a victim made 403 payments to a fraudster over the course of a year, resulting in more than £72,000 in losses.
The Financial Conduct Authority (FCA) has acknowledged there are examples of banks making serious efforts to protect those vulnerable to romance scams.
But the regulator also revealed some missed opportunities to prevent these scams.
City of London Police figures show more than £106 million was reported lost to romance scams in the UK in the 2024/25 financial year, a 9 per cent annual increase in reports. Victims lost an average of £11,222 each.
Victims are tricked into sending money to scammers who create fake romantic relationships or friendships.
The regulator said more than eight in 10 cases (85 per cent) examined by the FCA started online, particularly through social media and dating sites, suggesting platforms play a critical role in preventing fraud and reducing harm.
Individual losses in confirmed romance fraud cases assessed by the FCA ranged from £100 to £428,249.
In its romance fraud review, the FCA set out the measures banks and other payments firms can take to protect their customers – such as better detection and monitoring systems, staff training, early detection of signs of vulnerability and compassionate care afterwards.
The regulator said firms may find it difficult to intervene because victims are reluctant to admit they have been defrauded. In almost half (42 per cent) of the cases the FCA examined, victims did not disclose the real reason for making the payment when asked.
The regulator said a key area for improvement was ensuring its staff were trained to spot red flags and critically examine customer disclosures. He added that this was not consistent across all companies.
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The regulator said that in 15 per cent of cases examined, customers had previously fallen victim to fraud when banking with the same firm, underlining the need for special protections and constant monitoring.
In a quarter (25 percent) of cases, victims were forced to obtain funds from a variety of sources, including new loans, borrowing from friends and family, or liquidating personal assets.
The regulator identified cases where victims were left financially vulnerable and victims entered into individual voluntary arrangements (IVAs).
One case under review by the FCA found someone made 403 payments to a fraudster over the course of a year, causing losses of more than £72,000.
Another case involved a victim telling bank staff they planned to send cryptocurrency payments to Iraq, claiming this was the only method accepted by their “partners” in the military.
But he said many firms provide high levels of support, sometimes exceeding the FCA’s expectations, through compassionate and personalized engagement.
Steve Smart, the FCA’s director general of enforcement and market surveillance, said: “Romance scams are a very serious crime. Oftentimes victims are vulnerable people. The impact (financially and personally) can be devastating.”
“We recognize the challenges banks and payments firms face in tackling this complex crime and this review aims to help them stay one step ahead of criminals.
“At the same time, we all need to be vigilant so we can protect ourselves and our loved ones by recognizing the red flags of romance scams.”
The FCA said it had seen positive examples of banks and payments firms going above and beyond what was expected. The regulator said one firm made 11 calls in a six-week period to support a victim, demonstrating its determination to break the fraudster’s control and restore customer trust.
Another carefully responded to a victim who was recently divorced and was supporting a child undergoing cancer treatment. They began monitoring the victim’s account closely.
Highlighting red flags about romance scams, the FCA said alarm bells should ring if someone you’ve only met online asks for money or suggests investments.
Asking for lots of personal information is another potential warning sign.
People can use the image checker to see if the person they think they’re talking to has been photographed elsewhere.
People should report scams to the police, their bank or construction company. Speaking to the account provider as soon as possible can help recover any losses and prevent further charges from being made.
Michelle Pilsworth, Santander UK Head of Fraud and Complaints, said: “Since January we have seen around £5.5 million stolen by fraudsters through romance scams alone.
“These criminals will take the time to establish an emotional connection before demanding money, which they claim is needed for food, medical treatment or an investment opportunity. We are also increasingly seeing them ask for gift cards.
“The methods these fraudsters use to gain consumer trust make these some of the most distressing scams and leave people feeling emotionally and financially vulnerable.
“At Santander we have a dedicated ‘break the spell’ team, a specialist fraud prevention unit that works with customers referred by scammers, particularly in cases of romance scams.
“In the first six months of this year the team stopped fraudsters stealing a further £3.5 million from our customers.”
Lloyds fraud prevention director Liz Ziegler said: “Fraudsters are taking advantage of people looking for love and companionship, toying with victims’ emotions when they are most vulnerable.
“Although they can be convincing, it’s easy to spot some of the most obvious mistakes these scammers can make. Always take a step back and ask yourself if what they’re telling you is believable.”
“Never, under any circumstances, send money to someone you met online. No good relationship starts that way, and there aren’t many good reasons why someone can’t talk to you on the phone in 2025.”
“If you have an older person in your life who is active online, make sure you educate them as much as you can about the risks and signs of potential scammers looking to take advantage of them.”
Pat Hurley, ombudsman director at the Financial Ombudsman Service (FOS), said: “Over the last year alone, we have received hundreds of complaints about romance scams, which often involve fraudsters deceiving victims and gaining their trust using different online platforms such as dating sites and gaming apps.
“It’s important for people to understand that being a victim of romance scams is nothing to be ashamed of. People don’t need to be ashamed, help is available.”
Nick Sharp, deputy director of fraud at the National Crime Agency, said: “Romance scams not only affect people financially but also emotionally, with victims often struggling to realize that someone they thought they could trust is not who they thought they were.
“This makes fraud one of the most harmful forms of fraud faced by victims and, importantly, all industries need to seize every opportunity to detect such fraud and develop a victim-centred approach.”
Rocio Concha, Which One? Director of Policy and Advocacy said: “Banks and payment providers are on the frontline to protect their customers from sending money to fraudsters, so it is good to see the FCA setting clear expectations for how these firms should protect their customers.
“The regulator should not hesitate to take action against firms that fall short.”
A UK Finance spokesman said: “Banks are committed to protecting customers from romance scams; they invest significant sums of money and have trained teams to spot warning signs.
“The FCA’s review highlights that much good work is being done to keep people safe and prevent this terrible crime from being committed.
“Firms will take note of the FCA’s findings and seek to make any improvements necessary to keep more people safe.”
The spokesperson added: “We need social media and dating sites to take much bigger steps to address the problem that started on their platforms.
“To stay safe, it’s important to be open and honest with your bank when they ask questions about your payments.
“And we encourage everyone to follow the advice of the Get Five Things to Stop Scam campaign and contact your bank if you are concerned about falling victim to fraud.”
