The concerning growth of romance scams has been brought to light by a new report from Lloyds which shows that the number of people falling victim to these types of scams increased by over a fifth in 2023.

The report from the bank found that the reported number of cases increased by 22 per cent, though the average amount lost to romance scams was £6,937, less than the average of £8,237 in 2022.

Men make up 52 per cent of the victims, though women tend to report higher losses – an average £9,083, compared to an average £5,145 lost by men – the report said.

There was also a troubling rise in the number of older people who have been falling victim to these types of scams. Men and women aged between 55 and 64 were most likely to be tricked by fraudsters masquerading as love interests, as the number of cases amongst this age group rose by almost 49 per cent compared to 2022.

Adults aged between 65 and 74 lose the most money, giving romance scammers an average £13,123, the highest amount of any age group.

Romance scams are typically a long-term operation on the part of a criminal. Fraudsters target people looking for love by using fake photos and information found on social media or other online platforms – aka ‘catfishing’ – and build a trusting relationship before asking for money without any intention of having a genuine relationship.

Liz Ziegler, fraud prevention director at Lloyds Bank said: “Targeting those looking for love is a cruel, but sadly common, way for fraudsters to cash in. Scammers can be incredibly convincing and leave their victims both emotionally and financially drained.

“Social media and online dating apps are rife with fake profiles, and it can be hard to tell who is genuine. Remember that no good relationship starts off by sending money to someone you haven't met and this should be a big red flag.”

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