Research published today reveals that romance scams are the UK’s most expensive and cost the average victim £33,000.

Broken Hearts Break the Bank

Research published today by claims management business Refundee reveals the lengths to which scammers will go as they seek to exploit victims across the country. 

The research reveals that romance scams in particular are on the rise, with Refundee urging Brits to remain vigilant. Romance scams see scammers prey on would-be victims with fake social profiles and promises of romance. 

Scammer profiles can be highly sophisticated, using photos of models or minor celebrities to engage victims in conversation which soon turn into fake relationships. 

In one recent high-profile case, a Ghanaian influencer tricked elderly victims in the US into believing they were in a romantic relationship with her and asking for money to be sent by wire-transfer. The scammer, who is now being extradited to the US, convinced victims to send her more than $2 million before being stopped by the authorities. 

Refundee’s research reveals that romance scams are the UK’s most expensive and cost the average victim in the UK a staggering £33,000. 

Other forms of scam are not far behind however, with cryptocurrency scams in particular losing the average victim £31,000 and investment scams causing on average £30,000 worth of losses. 

The research also reveals that victims lose on average £20,000 in purchase scams, £18,000 in safe account scams and £15,000 in work scams. 

Avoiding a broken heart, and a broken bank balance

Refundee is urging Brits not to fall for romance scams and to always be wary when approached by strangers online. There are many precautions people can take to avoid falling victim to a romance scam. These include being careful about the information you share online, making sure that profiles and photos of those you speak to online are legitimate and of course, never share any sensitive financial information. 

Stuart McFadden, Co-founder of Refundee said:

“Romance scammers are the most manipulative of all scammers. These criminals are ruthless and have no qualms with leading often lonely people to believe they’re romantically involved. These scammers will often invent elaborate stories and excuses for why they need money, always with the promise that they will soon be united with their victim.

“This is a cruel crime which leaves the victim emotionally distressed, as well as out of pocket. People should familiarise themselves with the way these criminals operate, and banks should be taking decisive action to protect potential victims before life-changing sums of money are lost. 

“When it comes to romance scams, all is not fair in love and war, so remain vigilant.”

What are Romance Scams?

Romance scams build up trust by developing a convincing relationship with you, usually online. You could meet them on a dating app or on social media. These scammers are especially devious and can make a web of different accounts, not just for the fake profile themselves but fake family members, friends or associates in order to build trust with the victim. 

Once the scammer has gained trust, they’ll ask for money, vouchers or gifts. They may even find ways to get your personal details or passwords to get into your bank account. 

Three Key Ways To Protect Yourself

A: Question their story.

Romance scammers will invent a story to justify asking you for money, this can be a business issue, health issue or other life event. Question whether this story makes sense and never send money to someone who you haven’t met face to face.

B: Image search.

Reverse image search the photo of the person you are speaking to. Scammers will steal these from real people’s profiles on the internet. To do this, go to google, press search by image (the camera icon in the bar) and upload an image from their profile. 

C: Speak to family and friends. 

Tell your family and friends about the new relationship and request for money, and get a second opinion. 

Is there any chance of getting my money back?

Yes. Refundee has recovered over £11 million for victims of fraud in the UK. Simply go to refundee.com and fill in our fraud claim form for a free consultation.

Refundee is an FCA-regulated claims management company that has recovered over £11 million for scam victims in the UK.