Barclays is alerting the public to an increase in romance scams this summer, as shown in their latest Scams Bulletin.
The data indicates a significant rise of 139% in claims during May and June compared to the earlier months of March and April this year. This trend mirrors the patterns observed in 2023, suggesting a seasonal peak in such scams.
Interestingly, while men are more frequently duped by these scams, women tend to lose considerably more money, with losses averaging over £8.9k for women compared to £3.5k for men.
The Barclays Scams Bulletin, which analyses scam claims across both personal and business accounts, highlights emerging trends and provides educational resources to help individuals recognise and avoid scams. The recent bulletin has identified a notable shift in the demographics of scam victims and their behaviours. Despite common misconceptions, men represent 59% of romance scam victims and are three times more likely than women to consider sending money to someone they have not met in person.
Kirsty Adams, Fraud and Scams Expert at Barclays, commented on the findings: “It may be surprising to see that men more often fall victim to romance scams, as stereotypes have often incorrectly painted women as more susceptible.” She added, “It can be easy to get caught up in the whirlwind of a new romance, but we’re urging everyone to make sure they have taken the time to truly get to know and verify the identity of the person they are speaking to before transferring any sum of money, no matter what reason they give or how urgent the request seems.”
Further concerns have been raised about the safety of online dating platforms. According to the bulletin, 32% of consumers are deterred from using dating apps and social media for romance due to fears of scammers, with a substantial proportion of scams originating from these platforms. Barclays is advocating for increased responsibilities for tech companies to prevent scams and provide better support to victims.
The stigma surrounding romance scams also remains a significant issue. Thirty percent of Brits would hesitate to disclose being a victim to friends or family, which can increase their vulnerability. Adams emphasised the importance of overcoming this stigma: “No victim should feel ashamed.
It can happen to anyone and scammers often adopt sophisticated tactics and invest a huge amount of time into building a relationship and sense of trust with their victims. It’s important that this stigma doesn’t prevent a scam from being reported.”
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