"Romance Fraud Losses Increased by 91% During COVID-19"

According to new research from TSB, romance fraud losses surged by 91% during COVID-19 compared to pre-pandemic levels.  The bank said it had observed cases of romance fraud double in the pandemic as a result of the shift to online dating amid social distance restrictions.  The bank also found that the average financial loss per victim over this period was an eye-watering £6100.  Interactions that originated on Facebook accounted for the highest number of fraud cases (35%), followed by the dating sites Tinder (24%), Plenty of Fish (21%), and Match.com (9%).  TSB stated that most romance fraud relationships lasted an average of 62 days, with the longest one spanning three years.  In almost a third (32%) of cases, victims transferred money to the fraudsters for periods lasting over two weeks before realizing the scam.  In 27% of cases, payments lasted over a month, and 11% continued over half a year.  The researchers stated that women made up two-thirds (66%) of TSB’s cases and suffered significantly higher financial losses on average than men (£6300 vs. £4600).  The researchers stated that while all age groups were shown to be vulnerable to this type of fraud, the average age of the victims was 47.

Infosecurity reports: "Romance Fraud Losses Increased by 91% During COVID-19"