How to stay safe from romance scams

In the modern tech-driven world, the way we meet new people has changed. So too has the way many new romantic relationships begin. Online dating has now become the norm for many, making it increasingly common to begin a relationship with someone you’ve never met in person.

This shift is one that fraudsters have taken advantage of in recent times, resulting in an increasing trend of romance scams.

What is a romance scam?

A romance scam happens when someone builds a fake relationship with you online – often through a dating app, social media, or even email. They may seem genuine, kind, and deeply interested in you. But their goal is simple. They take the time to gain your trust and then take advantage of it for their financial gain, often over a considerable time period.

In just the first half of 2024, £14.5 million was lost to romance scams in the UK alone¹.

By understanding how these scams work, you can take steps to protect yourself and those you care about.

Typical scenarios a romance fraudster might use, include:

• ‘I’m stranded abroad and urgently need help to get home.’
• ‘I’m facing a medical emergency and can’t afford treatment.’
• ‘I’ve discovered a unique investment opportunity, and you’d be the perfect partner to share it with.’

Once money is involved, it’s time to pause and take a step back.

Spot the warning signs

Scammers are often skilled manipulators, but these red flags can help you identify them:

• Urgent financial requests. They may ask for money to resolve emergencies or fund last-minute opportunities.
• Untraceable payment methods. Be cautious if they request funds via cryptocurrency wallets, prepaid cards, or accounts that can’t be easily verified.
• Avoiding in-person meetings and video calls. They come up with excuses to keep the relationship online only, avoiding face-to-face interaction.
• Repeating requests for money. It’s important to remember that a romance scammer will rarely stop at one payment, and you may be convinced to make multiple, generally smaller, payments over a longer period.

How to stay protected

Keeping safe online doesn’t mean being distrustful – it’s about staying alert. Here are some tips to keep you safe from romance scams:

• Pause and think before sending money. A genuine partner won’t pressure you into making urgent financial decisions.
• Protect your personal details. Keep sensitive information like your location or financial details private.
• Speak with someone you trust. Talk to a friend, family member, or someone you trust before taking any action. They may spot something you’ve overlooked.
• If people are giving you a warning about a particular situation, listen. The hardest part of romance scams is ‘breaking the spell’ the fraudster has over their victim. If family members, your bank or law enforcement authorities are warning you against a relationship, there is a good reason.

The people behind a romance scam are often themselves a victim of even more serious crimes, including modern day slavery and human trafficking. They may be required to work in call centres in locked compounds, often abroad, but cases have also been identified closer to home in Europe and the UK.

What to do if you suspect fraud:

Fraudsters often rely on urgency and false trust to carry out their plans, especially when it comes to romance scams. By staying informed and vigilant, you can reduce your risk significantly.

As a valued client, we are committed to safeguarding your financial future. If you ever feel uncertain, please don’t hesitate to reach out to your private banker or our client services centre who can freeze your account and stop further unauthorised transactions.

Nedbank Private Wealth clients can contact us at +44 (0)1624 645000 (Monday to Friday, 8am to 8pm UK time, except for UK public holidays) or +44 (0)20 8167 3223 outside these hours.

For more tips and advice, visit our Protect Yourself from Fraud page.

References:

¹ Half Year Fraud Report 2024.pdf