State pensioners aged between 75 and 84 are losing an average of £9,051 each to romance scams, according to an urgent warning from Lloyds Banking Group. The bank said this age group has been hit hardest, with the largest average losses of any age group.
Reports of romance fraud rise by 24%
Lloyds said reports of romance fraud have risen by 24% in the past year, with victims losing an average of £4,078 each. This average loss is down by 19% year on year.
More than half of all money stolen via romance fraud affected victims aged over 65, according to the bank’s analysis of romance scams between September 2025 and August 2026. The bank said older account holders are particularly vulnerable to fraudsters.
Warning signs and advice
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.”
She added: “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.”
Ziegler also noted that the rise in reports from younger adults shows anyone building friendships or relationships needs to recognise the warning signs. She said: “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.”
Hurley advised consumers unhappy with their financial provider to first raise a complaint with the business, adding: “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.”
