TSB has warned of an increase in “cruel” friendship fraud cases in which scammers target older and vulnerable people, preying on their loneliness and desire for connection.

The bank said these criminals use social media to lure people into online friendships before extracting money from victims, with losses that can reach “tens of thousands”.

According to data collected over the past year, TSB said that victims made anywhere from one to 60 payments in a “friendship” that lasted several years.

Impersonation fraud, which involves any form of fraud in which scammers pretend to be a person or organisation, accounted for 29 per cent of all transfer cases at TSB in 2025.

The bank said this has increased by 15 per cent compared to the previous year, with the average loss rising to £3,100.

Friendship fraud mirrors romance fraud in its approach, as fraudsters build trust and rapport before demanding money. In friendship fraud, victims are typically seeking online contact and companionship to combat loneliness.

TSB highlighted one case where a customer in their late 70s lost over £4,000 after being befriended on Instagram. After spending time to form a friendship, the scammer then said they were unwell and urgently needed help for medical bills. The customer sent a series of payments and gift cards, before contact dried up and they realised it was fraud.

In another case, TSB said a customer in their late 60s made a total of 60 payments to a scammer they befriended on a forum. When the conversation moved onto a different website, the scammer requested financial assistance to flee an abusive family. TSB said the scam carried on for four years before it was reported to them.

“Scammers are targeting older and vulnerable people’s life savings, by preying on their goodwill and desire for company and friendship – with the cruel and fake promise of online companionship,” said Steph Harrison, TSB fraud expert. “We can all help by checking in on friends and family – and for those seeking online friendship, be wary, especially if money is involved – as you just don’t know who you’re really talking to.”

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