AJ Bell, a major investment platform, has highlighted romance scams that can be "devastating for people both financially and emotionally." These scams involve criminals using social media, dating apps, and messaging platforms to trick victims into believing they are in a romantic relationship, only to steal money after building trust.
Who is targeted and the emotional toll
Sarah Coles, head of personal finance at AJ Bell, said the scams "cruelly exploit people’s trust, optimism and need for human connection, to steal vital savings and investments." She added, "It can be devastating for people both financially and emotionally, so it’s important to know the risks and how to protect yourself."
Coles noted that criminals "will often pick vulnerable targets they suspect will have access to money," including older people who can access pensions and mid-life individuals building wealth. She stressed the importance of talking to family and friends about risks, especially after bereavement or divorce. She also warned that both women and men can fall victim, referencing a University of Warwick study showing victims were often well-educated, middle class, and trustworthy.
"The impact of these scams can be devastating, not least because victims realise they have been scammed, at the same time they lose what they believe was an important relationship," Coles said. Victims may be isolated from loved ones and struggle to rebuild relationships, while many wrestle with embarrassment.
Ten red flags to watch for
AJ Bell identified 10 signs of a romance scam. First, profiles can seem "astonishingly good," with attractive photos, money, and shared interests, but "they may be too good to be true." Second, scammers often "love-bomb" victims, showering them with affection and quickly declaring love or calling them a soulmate.
Third, they push to move off dating platforms to email or texting to cover their tracks. Coles advises, "If you meet someone on a dating app, stick with the messaging section of the app, so there’s a record of your communication." Fourth, they are vague about their life, and Coles says, "Don’t let them get away with being vague. Ask them detailed questions, and if they fob you off, they’re hiding something."
Fifth, they avoid meeting in person, often claiming to work overseas, offshore, or in the military. More detailed advice from Coles and information on protection is available on AJ Bell's website.
