TSB Warns of Spike in Romance Scams as Losses Surge Across the UK

The UK’s TSB Bank has issued a stark warning after detecting a sharp increase in romance scams, a form of fraud where criminals cultivate emotional relationships with victims before coaxing them into transferring large sums of money. According to the bank’s latest analysis, the total value of money sent to scammers in such cases rose by 37 % in just one year, underscoring how pervasive and financially damaging these schemes have become.

Romance scams are uniquely devastating because they prey on trust and emotion, extending far beyond typical cyber or payment fraud. TSB’s data reveals that these frauds often unfold over weeks or months, with perpetrators gradually convincing victims that they are in genuine relationships — only to ask repeatedly for money under various pretexts.

How Romance Scams Operate

TSB’s analysis shows that in many cases, fraudsters will spend considerable time building rapport and intimacy before making financial requests. On average, victims made 11 separate payments before discovering the scam, often losing around £7,500 before realising what had happened.

The bank’s data also indicates that the average ‘relationship’ in a scam lasts 95 days, though some cases extended for years, with one victim making nearly 50 payments over a 42-month period before intervention.

These schemes are typically engineered to create both emotional and financial dependence, with fraudsters using fabricated backstories — such as claiming to live abroad, working in the military, or needing funds to pay off fake emergencies — to justify continuous requests for money.

Who’s Most at Risk

Contrary to some assumptions that only the elderly fall prey to romance scams, TSB’s figures show that vulnerability spans a range of age groups. More than 58 % of cases involved people over the age of 55, with the 65-74 age bracket alone accounting for more than 23 % of all scams.

However, younger adults are not immune. With the rise of online dating platforms and social media interactions, the pool of potential victims has widened, meaning that banks and regulators must combat fraud across all demographics.

Where Scams Begin

TSB’s data highlights the role of digital platforms as the starting point for most romance scams. More than 58 % of these fraudulent relationships originated through social media, with Facebook alone accounting for about 30 % of cases. Dating services and apps were the next most common starting point, initiating around 42 % of scam cases.

The increasing sophistication of these scams — amplified by generative AI and deepfake tools that can create convincing profiles and conversations — has made it easier for fraudsters to mimic real people and gain victims’ trust.

The Emotional and Financial Toll

Unlike many scams that focus purely on quick money transfers, romance fraud often causes deeper psychological harm. Victims frequently believe they are helping someone they care about, making it hard to pull back or even to report the fraud.

This emotional manipulation extends the damage beyond financial loss, leaving lasting effects on victims’ trust and wellbeing. In some reported cases nationally, individuals have lost tens of thousands of pounds, with law enforcement and industry bodies warning that these figures are likely underestimates due to underreporting by victims.

TSB’s Response and Advice

TSB has intensified its efforts to identify and prevent romance fraud by analysing patterns in customer transaction data and intervening where suspicious activity is detected. This proactive approach involves reaching out to customers who exhibit signs of potential victimisation to provide support and guidance before irreversible harm occurs.

Richard Daniels, Director of Fraud at TSB, emphasised the human side of these crimes. He reminded the public that online romance — whether through dating apps or social media — can be a legitimate way to meet new people, but also urged heightened vigilance. In his words: if conversations quickly turn to money, it’s time to pause and question the situation.

Broader Industry Context

TSB’s warning echoes a wider trend seen across the banking and financial services industry. Recent data from UK trade associations suggest that romance scams form a significant part of authorised push payment (APP) fraud, a category in which victims are tricked into authorising payments to scam accounts. While purchase scams remain the most common form of APP fraud, romance and impersonation scams continue to rise in both frequency and monetary impact.

Regulators in the UK have also acknowledged the growing problem. New policies are being developed to give banks more time and tools to investigate suspicious payments, providing a better chance to intervene before funds are irretrievably lost.

Prevention and Protection

Industry bodies and banks alike emphasise the importance of awareness and education in combating romance scams. Common signs of fraud include requests for money from someone you have never met in person, repeated excuses for why they cannot meet, and emotional pressure to act quickly.

Banks encourage customers to verify identities independently, involve friends or family when suspicious interactions arise, and report any unusual requests immediately. Cutting off contact with suspected fraudsters and consulting trusted advisers can reduce the likelihood of escalating loss.

Conclusion

TSB’s latest findings underline a worrying reality: fraudsters are increasingly exploiting emotional trust to secure financial gain. The 37 % jump in money sent to romance scammers is not just a criminal statistic — it represents lives disrupted and savings diminished.

As fraud tactics evolve, banks, regulators, and consumers must adapt in tandem. Greater awareness, stronger detection mechanisms, and collaborative prevention strategies are essential to safeguard individuals from the deep emotional and financial consequences of romance scams. In this landscape, vigilance is not just a precaution — it is a necessity.

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