TSB reports 91% surge in romance fraud losses during COVID-19

Friday 11 February 2022 10:31 CET | News

UK-based TSB bank has observed the doubling of romance fraud cases in the pandemic as a result of the shift to online dating amid distance restrictions.

The bank also reported that the average financial loss per victim over this period was GBP 6100. Interactions that originated on Facebook accounted for the highest number of fraud cases, at 35%. This was followed by the dating sites Tinder (24%), Plenty of Fish (21%), and (9%), according to TSB.

The company also calculated the length of these virtual ‘relationships’ by analysing its own data relating to victims' first and last payments to fraudsters. These lasted for an average of 62 days, with the longest one spanning nearly three years. In almost a third (32%) of cases, victims transferred money to the fraudsters for periods lasting over two weeks before realising the scam. In 27% of cases, payments lasted over a month, and 11% continued over half a year.

Women made up two-thirds (66%) of TSB’s cases and suffered higher financial losses on average than men (GBP 6300 versus GBP 4600). While all age groups were shown to be vulnerable to this type of fraud, the average age of the victims was 47. Commenting on the findings, company officials stated that the 2020 and 2021 left people craving human connection, especially if they had been living alone and feeling lonely while the rest of the world seemed coupled-up.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: research, friendly fraud, Facebook, financial crime, online fraud
Categories: Fraud & Financial Crime
Companies: TSB bank
Countries: World
This article is part of category

Fraud & Financial Crime

TSB bank

Discover all the Company news on TSB bank and other articles related to TSB bank in The Paypers News, Reports, and insights on the payments and fintech industry: