Echoing a worrisome trend in the broader world of scams, romance fraud has increased dramatically in recent years, especially among people 55 and older. Sons are forced into dangerous situations. Lloyds Bank’s research uncovers some startling truths. Complaints of scams within this demographic increased by a shocking 52% just in the last year alone. Speaking to How to Spend It, Liz Ziegler, Lloyds’ retail fraud and financial crime director, raises awareness to the manipulative tactics scammers employ. They frequently scam their victims by creating false narratives of medical needs or life-changing events.
Victims of romance fraud lose an average of £5,219, even when they are much older. Older people are hit with still greater fiscal damage. For the oldest cohort of 75-84 years, average loss increases to £8,068. In our illustrative example, we present the case of an 80-year-old woman. Like Janet, she ended up losing over £11,000 to a scammer she met while playing a word game on Facebook. In comparison, a third victim—a male—was scammed out of £2,260 by the same ploy.
Understanding Scammers’ Tactics
Scammers often use emotional manipulation and urgency to further take advantage of their victims. Det Supt Oliver Little of the City of London Police related that these fraudsters create complex narratives. They do this to put a fire under their targets’ behinds. One fraudster told an elaborate sob story. He even pretended that his son died while laboring on an oil platform in Germany, hoping to win sympathy and raise monetary backing.
Ziegler points out that scammers often slip up in ways that can be red flags to prospective victims. She recommends that people be particularly cautious and continue to question the motives of anyone you’ve only met through online platforms.
“Never, in any circumstances, send money to someone you’ve [only] met online. No good relationship starts off in this way.” – Liz Ziegler
The reach of these manipulative strategies goes far beyond monetary solicitations. They often feature strategies to cut off victims from their loved ones, providing scammers with a greater ability to exercise power and control.
Who is Affected?
More than almost anyone else, older adults suffer the biggest hit from these frauds. Their vulnerability due to feelings of isolation or inexperience with navigating online spaces makes them more susceptible to predatory behavior. The statistics reveal a troubling trend: 75- to 84-year-olds are losing significant sums of money, with some reporting losses well above the national average.
During one such case, a customer was prevented from transferring £10,000 to someone he had met on the internet. The bank employee tried to stop the transaction, but the customer refused to give up. He claimed the recipient was legitimate and went so far as to wager £20,000 on the bank employee’s good faith decision.
Det Supt Little emphasises that cutting off contact with friends and family is one of the first tricks crooks use in romance fraud cases to isolate their victim.
“Criminals will try to isolate you – don’t give them the opportunity. Remember, if you haven’t met them in person, you don’t owe them anything.” – Det Supt Oliver Little
The Broader Impact
Though romance fraud disproportionately impacts older adults, it can happen at any age. It’s important to understand that people of all ages are susceptible to this sophisticated scam. The increase in these scams is indicative of a nationwide trend in financial crime. Losses are being exacerbated as scammers get access to new technologies. The greater the awareness and capabilities of scammers to use social media and online platforms, the greater the prospect for exploitation.
As Ziegler notes, awareness and education is the most important factor in preventing these scams. People should feel comfortable and safe reporting suspected instances of fraud to their loved ones and that’s why we urge everyone to spread the word. That’s why this participatory, proactive approach is key to keeping vulnerable people safe from being preyed on by bad actors.