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TSB warns Brits of rise in ‘devastating’ scam costing victims £7,500 each | Personal Finance | Finance
TSB warns Brits of rise in ‘devastating’ scam costing victims £7,500 each (Image: Getty)
TSB has urged Brits to be vigilant amid a surge in a “devastating” scam that can rob victims of an average of £7,500. The bank found romance scammers have ramped up their operations in the first half of 2025, with almost 3,000 Brits collectively being scammed out of £20.5million, according to UK Finance, a 37% increase in a year.
TSB’s director of fraud warned that professionals often groom victims for several months to build trust before making a money request, and once they receive the first payment, they create excuses to need even more. Richard Daniels of TSB said: “Romance scams are some of the most emotional situations that we support customers through, due to both the devastating personal and financial impact on individuals.”
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TSB warns Brits of rise in ‘devastating’ scam costing victims £7,500 each (Image: Getty)
TSB highlighted common tactics used by fraudsters to help Brits remain vigilant, including their preferred communication channels, and excuses for needing cash.
Brits were urged to be careful online, as more than half (58%) of all cases stemmed from social media platforms. Facebook accounted for the highest number of TSB cases, while dating apps accounted for around two-fifths.
In 43% of cases, fraudsters claimed they were living abroad, while celebrity impersonation scams were the second most common (29%), followed by serving in the army (18%) and working on an oil rig (10%).
To encourage victims to pay up, their excuses also followed strong patterns. Almost half (48%) of fraudsters reported needing money due to financial difficulties.
Some 37% said they needed it to fund travel, often under the false pretence it was so they could ‘meet up’, while medical fees were used as an excuse in 9% of cases. Blackmail was used in 4% of cases.
TSB data showed trends across age groups, with 65-74-year-olds the most likely to be scammed, accounting for roughly 1 in 5 victims.
People aged 55-64 were the second most likely to be scammed; however, over-75s and 25-34-year-olds were just as likely to be scammed as each other, accounting for 16% of cases.
TSB analysis of customer data showed that an average victim sends 11 payments and loses £7,500 before discovering it was fraud, over a period of 95 days.
However, situations can be even more severe. One case, supported by TSB with education and security measures, involved almost 50 payments made to a fraudster over a 42-month period.
TSB advises that when the talk turns to cash, and you have not met in person, end the conversation.
Mr Daniels said: “While online dating is an increasingly popular way of meeting people, it’s vital that we all remain guarded – especially now with the use of AI – until we can be sure it’s a real person we are speaking to. And if the conversation turns to money, it’s time to stop.”
