The Financial Conduct Authority (FCA) has raised alarm over a surge in romance fraud cases sweeping across the UK, with victims collectively losing more than £106 million during the 2024/25 financial year. This marks a 9% increase in reported cases compared to the previous year, highlighting the growing threat posed by this emotionally and financially damaging crime.
On average, each victim is losing £11,222, with confirmed losses ranging widely from £100 to an astonishing £428,249. The FCA’s executive director of enforcement and market oversight, Steve Smart, described romance fraud as a “vicious crime” that disproportionately targets vulnerable individuals. He emphasized the profound financial and personal toll it takes on victims and urged banks and payment providers to enhance their defenses against these sophisticated scams.
Pat Hurley, ombudsman director at the Financial Ombudsman Service, noted the prevalence of complaints involving scammers who exploit various online platforms, including dating sites and gaming apps, to deceive and manipulate victims. She reassured victims that there is no shame in falling prey to such scams and stressed the importance of seeking support.
READ MORE: Five Years on the Run: The Elusive Search for Violent Fugitive Dann Hudson
READ MORE: State Pensioners Born After 1951 Receive an Extra Year of Tax-Free DWP Payments
Nick Sharp, deputy director for fraud at the National Crime Agency, highlighted the dual emotional and financial damage inflicted by romance fraud. He called for all sectors to adopt a victim-centred approach to better identify and prevent these scams.
Rocío Concha, director of policy and advocacy at Which?, welcomed the FCA’s clear guidance to banks and payment providers and urged regulators to take decisive action against companies that fail to adequately protect their customers.
A UK Finance spokesperson confirmed that banks are committed to combating romance fraud through significant investment and specialized training. While praising the FCA’s review as a catalyst for improvements, the spokesperson also called on social media and dating platforms to take greater responsibility in curbing the problem at its source.
To protect yourself, experts advise being transparent with your bank if suspicious transactions arise and following the Take Five To Stop Fraud campaign’s guidance. If you suspect you are a victim, contact your bank promptly for assistance.
Romance fraud remains one of the most damaging types of financial crime, but with increased awareness and vigilance, victims can be better protected from falling prey to these heartless scams.