Barclays warns of rise in ‘devastating’ scam | U.Okay.Finance News
Barclays Bank has issued a warning in regards to the “devastating” rise in romance scams as online courting hits its 30-year anniversary. Data reveals a 20% increase in these scams in the primary three months of 2025, with most originating on social media websites and online courting platforms.Kirsty Adams, fraud and scams knowledgeable at Barclays, stated: “Social media platforms and dating apps are by far the biggest sources of romance scams, which is no surprise considering how the dating landscape has changed over the decades.” The bank’s information reveals the average quantity misplaced to a romance scam in 2024 was £8,000, up from just below £5,800 in 2023. Those aged 61 or over are most prone, with the average declare totalling £19,000.Romance scams see fraudsters faux to have an interest in a romantic relationship to gain their sufferer’s trust earlier than manipulating them into sending money or personal data. One in 10 (12%) UK adults have been focused by a romance scam or know somebody who has been focused.Across the scam claims thus far this 12 months, males make up a more vital share of whole experiences in phrases of quantity and worth.Of these focused, two-fifths (39%) stated they’d been speaking with the scammer for much less than a month when the scammer requested for money.A 3rd (32%) stated the scammer created a false sense of urgency and put them underneath strain to behave shortly. When requested the explanations scammers gave for needing money, the highest responses included pretend emergencies, journey prices for issues like flights and visas, and medical payments and bills.Romance scammers prey on feelings, building trust to deceive victims into sending money. Over a quarter (27%) of victims stated they felt lonely when first contacted, whereas one in 5 (19%) admitted to ignoring pink flags as a result of pleasure about discovering love.Ms Adams stated: “Romance scammers have taken advantage of the shift online, using these channels to target potential victims. Falling for a romance scam can be both financially and emotionally devastating.”Barclays is supporting public requires stronger shopper safety towards fraud and scams, as 76% of people consider corporations ought to do more to stop romance scams on their platforms.Ms Adams added: “We need tech companies to step up their support and take greater action to prevent scammers from operating on their platforms.”
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