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New romance scam warning issued to older people ahead of St Valentine's Day

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dailyrecord.co.uk

A new investigation by TSB has discovered that people aged 51 to 65 accounted for nearly half of the amount of money reported lost to romance fraud last year.

The bank warned that scammers will create fake profiles on dating websites and social media before spending time building trust with people looking for a relationship before asking for cash help.Analysis by TSB among its customers found the average length of time between the first and last payment being made to a romance fraudster by their victim is 53 days.

Multiple payments over periods of time are common within romance scams.Worryingly, the bank found that 51 to 65-year-olds collectively spent by far the most money on their ‘relationships’, meaning this age group accounted for 46 per cent of financial losses to romance scams.

In some 60 per cent of all romance fraud cases analysed by TSB in 2022, scammers asked for financial help with bills, or daily living costs.Some had specific stories about needing medical help, home improvements or car maintenance, while others asked for money to help them ‘get by’.As Valentine’s Day approaches, it is crucial everyone stays vigilant against online crooks keen to exploit the annual day of romance.To reduce the risk of fraud, TSB advises consulting a friend or family member immediately if an online relationship starts to involve requests for money.The bank also stressed the importance of not giving personal and sensitive information away.

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