Romance fraud is one of the fastest-growing types of financial crime in the UK. It’s emotionally devastating and financially damaging, costing victims over £106 million last year alone. At Quilter, we’re committed to helping you stay safe from scams, especially those that target people when they’re most vulnerable.
What is romance fraud?
Romance fraud happens when someone is tricked into sending money to a fraudster who has built a fake romantic relationship with them. These scams often begin online - 85% start on social media or dating platforms. The fraudster may use a false identity, share convincing stories, and gradually gain trust before asking for money, crypto assets, or gift vouchers.
In one case reviewed by the FCA, a victim made 403 payments over a year, losing more than £72,000. Another person was persuaded to send cryptocurrency to Iraq, believing it was the only way to support their ‘partner’ in the military.
Why it’s hard to spot
Victims are often ‘under the spell’ of the fraudster and reluctant to believe they’re being deceived. Nearly half of victims don’t disclose the real reason for their payments when asked by their bank. This makes early intervention difficult, even for firms with strong fraud detection systems.
What to look out for
Here are some red flags that could indicate romance fraud:
- Money requests: If someone you’ve only met online asks for money or suggests an investment, stop. No matter how sad their story, never send money, crypto assets or vouchers.
- Too good to be true: If their profile seems perfect but they avoid meeting in person, be cautious. Use reverse image search tools to check if their photos appear elsewhere.
- Pressure and secrecy: If they ask for personal information or financial commitments and discourage you from speaking to others, that’s a warning sign.
- Unusual payment requests: Be wary of requests to send money overseas or via cryptocurrency, especially if the reason sounds implausible.
What to do if you’re concerned
- Talk to someone: Get a second opinion from a friend or family member. If something feels off, trust your instincts.
- Report it: Contact Action Fraud (0300 123 2040) or Police Scotland if you live there. You can also speak to your bank; some victims may be eligible for refunds of up to £85,000 under APP fraud protections.
- Get support: Emotional support is available if you’ve been affected. You’re not alone, and reporting the fraud can help prevent others from falling victim.
The future of romance scams?
We are starting to see how human the responses of Artificial Intelligence can be - to the point where some people can feel that their interactions with these tools is less 'human-machine' interaction, and more of a 'relationship'.
In the early stages of a romance scam, a credible persona is crucial to the scammer - traditionally, this relied on fake social media profiles where scammers stole images from real people (something that a reverse image search could expose). However, using deepfake image creation tools, scammers can now easily mass produce these profiles that are able to bypass detection mechanisms on most platforms.
Another aspect that may be seen evolving is around relationship building. Establishing trust and creating a deep emotional connection with the victim traditionally relied on the scammer having to engage and dynamically adapt depending on responses from their target.
This is still an area where AI has not yet taken over from the human scammer, thankfully - however it is reducing the overheads of conducting a scam by suggesting responses, mimicking authentic speech patterns, and providing dynamic translation and deepfake voice, image and even video simulations, which allows attackers to be able to 'manage' more victims in parallel.
We still believe the red flags noted above would still apply to these situations and you should consider them should you face something unexpected.
Quilter’s commitment
We take fraud prevention seriously. Our teams are trained to spot suspicious activity and provide compassionate support. We also work closely with financial crime specialists to ensure our systems and staff are equipped to detect and prevent romance fraud.
Stay safe from scams
Your security is our priority. Read more about keeping your finances safe online.