Lloyds Banking Group has reported a 24% jump in romance scam reports over the past year, with older victims losing thousands of pounds on average. The banking giant, which owns Lloyds Bank, Bank of Scotland, and Halifax, said that in the most recent 12-month period, more than half (55%) of money lost to romance scams came from victims aged over 65.
Older victims hit hardest
Victims aged 75 to 84 lost an average of £9,051, the highest average of any age group, and up 19% on the previous year. However, the average loss across all romance scam victims generally dropped by 20% to £4,078.
The analysis compared reports from customers between September 1 last year and August 31, 2026, with those from the previous 12 months. Reports involving victims aged 18 to 24 soared by 59%, while those aged 25 to 34 saw a 39% increase.
Where scammers meet victims
Dating apps and social media platforms were common places for younger victims to meet scammers, while among over-50s, traditional dating websites and social media platforms were among the places they encountered criminals.
Liz Ziegler, fraud prevention director at Lloyds, said: “Romance scammers don’t care how old someone is. They look for opportunities to build trust, create an emotional connection, then turn that relationship into a request for money.
“We speak to customers every day who believed they had found a genuine relationship, only to discover that the person they trusted was only interested in money.
“Victims can be left dealing not only with a financial loss, but also the distress of learning that the relationship and future they had imagined were never real.
“The rise in reports from younger adults shows anyone building friendships or relationships needs to recognise the warning signs.
“Many people assume younger adults are less likely to fall victim because they are confident online, but being digitally savvy does not make someone immune to fraud.
“If someone you’ve recently met starts asking for money, take a step back and speak to someone you trust. A genuine relationship should never depend on money.”
Ombudsman urges complaints
Patrick Hurley, ombudsman director at the Financial Ombudsman Service (FOS), said: “Being the victim of a fraud or scam can be deeply distressing and sadly for many people the financial implications can be life-changing.
“Romance scams particularly can leave an emotional scar and the impact on victims is often significant. If consumers are unhappy with their financial provider, they should first raise a complaint with the business.
“If they don’t believe that has resolved the issue, they can get in touch with us and we’ll see if we can help.”
Ms Ziegler provided tips to avoid a scam, including being cautious of intense messages and declarations of love, protecting personal and financial information, and looking out for red flags such as changing circumstances and inconsistencies. She also advised using a reverse image search to check photos, stepping back from feelings of urgency or guilt, and talking to someone you trust before sending money.
