UK Finance data reveals that romance scams surged by 73% in 2021, with victims losing £30.9 million. In a rising trend, criminals now pose as investors on dating sites to trick victims into transferring money. Overall, authorised push payment (APP) fraud hit £583.2 million, up 39% from 2020.
Romance scams involved 3,270 cases last year, a 41% increase. Fraudsters befriend victims online before fabricating investment opportunities, a tactic that mirrors the broader growth in investment scams, which rose 57% to £171.7 million in losses.
Impersonation scams remained the largest APP category, with £214.8 million stolen as criminals posed as the NHS, banks, or government officials. Purchase scams were the most common, with 99,733 incidents. CEO fraud losses jumped 165% to £12.7 million.
UK Finance urged online platforms to do more, stating they must “provide a barrier to fraud and not a conduit.” Just 47% of APP losses were refunded. Consumers are advised to stop and think before making payments and to report scams to Action Fraud immediately.
