Online love fraud: 51 to 65 year olds most affected

According to British bank TSB, people aged 51 to 65 will account for almost half of the money lost to love scams in 2022.

Fraudsters create fake profiles on dating websites and social media and waste time building trust with those looking for a relationship before asking for cash.

Analysis by TSB of their customers found that the average time between the first and last payment made to a romance scammer by their victim is 53 days.

Multiple payments over time are common in love scams.

In terms of the number of romance fraud cases reported to the TSB, people aged 18 to 35 and 36 to 50 accounted for about 26 percent, 51.65 years 25 percent and over 65 years. Age persons were 22 percent. Percentage figures are entered as conservative estimates.

However, the bank found that 51- to 65-year-olds spent the most money overall on their ‘relationships’, meaning they accounted for 46 per cent of financial losses due to love cheating. was of the age group.

Of all romance fraud cases analyzed by the TSB in 2022, in three out of five (60 per cent) fraudsters asked for financial help under the pretext of bills or everyday living expenses.
Some had specific stories about needing medical help, home improvements or car repairs, while others asked for money for temporary help.

One in six (21 percent) claimed they were stranded abroad and needed help getting back home.

Claiming to work on an oil well was also a frequently used trick, the bank found.

In about one in 10 (eight percent) cases, fraudsters asked for travel expenses to reach their victims, but never made the trip.

In four percent of the cases, fraudsters blackmailed their victims to collect money. An example of this could be victims giving their indecent photos or personal information to scammers.

The TSB advises to seek advice from a friend or family member immediately if soliciting has started in an online relationship.

The bank also stressed the importance of not giving out personal and sensitive information to anyone.

They say romance fraud accounts for four per cent of the fraud they see and is the highest emotional loss TSB reimburses.

People can get so involved with the romantic deceiver that they even take out loans to ‘help their relationship’.

This includes a quarter of TSB cases, with losses of more than £10,000.

Paul Davies, director of fraud prevention at TSB Bank, which offers a refund guarantee for fraud, said: ‘The best way to beat romance fraudsters is to protect your relationships with friends and family. talk about If you’re ever asked to send money, it means it’s time to stop.’