Romance scams continue to be a growing concern, with a 22% surge in victims 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 increasingly prevalent, as scammers utilize fake profiles on social media and dating apps to deceive unsuspecting individuals. In some cases, romance scams are used as a gateway to other forms of fraud and cybercrime. Chainalysis reported that attackers often initiate relationships with victims using romance scam tactics before engaging in approval phishing scams.
The characteristics of romance scams are often sophisticated, with scammers investing time in building trust with their victims online by showering them with affection and attention. They create fake profiles with carefully curated information and photos, making excuses for why they can’t meet in person or show their face on video calls. Common reasons given include working in the armed forces or international aid and charity work.
Men were slightly more likely to fall victim to romance scams, accounting for 52% of incidents. However, women who were targeted reported significantly higher average losses, with an average of £9083 ($11,589) compared to £5145 ($6564) for men. Individuals between the ages of 55 and 64 were most vulnerable to these scams, with a 49% increase in cases compared to the previous year. The age group that experienced the highest financial loss was between 65 and 74, with an average loss of £13,123 ($16,742) per incident.
To avoid falling victim to romance scams, it’s essential to be cautious of suspicious profile pictures and behaviors. Lloyds Bank recommends reverse-searching profile pictures, seeking a second opinion from someone who knows you well, and being wary of individuals who make endless excuses for not meeting in person. It’s crucial never to send money or disclose personal or financial information to someone you’ve only met online.
Cybercriminals have also been using artificial intelligence tools, such as ChatGPT, to enhance their social engineering tactics in romance scams. AI chatbots are making it increasingly challenging for victims to detect these scams, as scammers leverage psychological techniques and advanced AI technology to manipulate individuals.
In conclusion, staying vigilant and following these guidelines can help protect against falling victim to romance scams. By being cautious of red flags, verifying information, and avoiding sharing sensitive details, individuals can reduce their risk of becoming targets of online fraud.