Lloyds Banking Group recorded a 24% jump in reports of romance scams over the past year, with a particularly sharp increase among younger adults, while older victims typically lost more money.
Reports from customers between September 1 2025 and August 31 2026 were compared with those in the previous 12 months. Reports involving victims aged 18 to 24 surged by 59% over the period, while those involving victims aged 25 to 34 increased by 39%.
Older victims lose more
In the most recent 12-month period analysed by Lloyds, more than half (55%) of money lost to romance scams came from victims aged over 65. Victims aged 75 to 84 lost an average of £9,051, the highest average of any age group, and 19% more than the previous year. The average loss across all romance scam victims fell by 20% to reach £4,078.
Dating apps and social media platforms were common places for younger victims to have met scammers, while among over-50s, traditional dating websites and social media platforms were among the places they had encountered criminals.
Warning signs
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.”
Advice for consumers
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.”
Here are some tips from Ms Ziegler to avoid a scam: Romance scammers often use intense messages and declarations of love to create a strong emotional connection before asking for money. Protect personal and financial information, and do not share banking details, passwords, copies of identity documents or intimate material. Look out for red flags, including changing circumstances, inconsistencies and excuses that do not stand up to scrutiny, and be cautious if an online profile seems newly created, contains limited information, or appears too good to be true. A reverse image search can show whether a photo appears elsewhere online or is being used on another person’s profile. Step back from feelings of urgency or guilt, as fraudsters often create pressure, emergencies or emotional ultimatums to encourage quick payments. Talk to someone you trust, such as a friend or family member, particularly before sending money, as an outside perspective can help identify pressure or inconsistencies that are harder to recognise when emotions are involved.
