Nationwide has released a warning for men looking for love after a increase in scams.
According to new data from Nationwide, romance scams involving men grew by 40 per cent last year, while the number involving women saw a marginal drop of two per cent.
Romance scams often involve criminals building online relationships based on a false sense of trust and the promise of a relationship. After laying the foundations, the criminal will inevitably request money, often using an emotional backstory in order to manipulate their victim.
Overall, there were 42 per cent more cases of romance scams reported by men in 2023 compared to women. And of the total romance scam cases involving men, nearly two in five (39%) involved those aged 50-70 years old, compared to 45 per cent of women. However, contrary to the view that romance scams are reserved for older people, one in five (20%) cases involved men aged 20-30, compared to just over one in ten (11%) women.
Overall, half of romance scam cases reported to Nationwide last year involved a reported loss of under £1,000 they tend to start with a lower payment value as the scammer looks to build trust with the victim. As trust and confidence builds, so does the payment value. A quarter (25%) of cases involve claims for £1,000 to £5,000, while a further 25 per cent involve higher reported sums (over £5,000).
According to Nationwide’s data, women are more likely to lose more than men, with the average 2023 claim standing at £10,610 compared to £8,181 for men.
Nationwide encourages any customers concerned about a payment to use its Scam Checker Service before making any payment. It is available in branch or by calling a 24/7 freephone number (0800 030 4057). If the payment goes ahead and the customer is subsequently scammed, unless Nationwide told the customer not to proceed, they will be fully reimbursed.
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