Romance scammers are changing their tactics - so stay alert

The idea of finding love is very tempting - and so is the promise of easy money. 

And that’s an absolute gift to romance scammers, especially with Valentine’s Day just around the corner.

Fraudsters are always finding new ways to trick people out of their money.

And one method that’s becoming more common is pretending to offer love and lucrative investment opportunities at the same time.

In fact, figures from Nationwide show that reported cases of romance scams involving fraudsters posing as investors went up by 5% last year.

So if you’re interacting with someone online, feel you’re getting close to them and money starts being talked about, keep at the back of your mind the possibility that it could be a scam.

What tactics are romance scammers using?

Romance scammers try to build a sense of trust and emotional connection - and once they’ve managed that, they’ll start discussing money.

For example, they might trick people into believing they’re helping someone with - or benefiting from - a financial opportunity, such as:

• get rich quick schemes
• cryptocurrency investments
• “insider” trading tips
• exclusive investment platforms

They might also:

• create fake identities using AI or deepfake images
• claim they have an emergency and urgently need money
• use victims as “money mules” to move funds
• ask for gift cards or vouchers instead of bank transfers
• isolate victims from family and friends
• make repeated excuses for why they can’t meet in person

Who is being targeted?

Anyone can fall victim to a scam. 

It doesn’t matter how clever or how intelligent you are.

Fraudsters are incredibly adept at tapping into people’s emotions and using their feelings against them.

So it’s a problem that crosses all barriers and walks of life.

Nevertheless, some groups appear to be at particular risk.

According to Nationwide, people over 55 accounted for nearly two-thirds (62%) of cases. 

Women, meanwhile, were found to have lost an average of £4,100 per incident.

That compares with £2,600 lost by men.

“Our fraud team has seen romance scammers moving away from dramatic emergency pleas and more towards investment-style manipulation,” said Jim Winters, head of economic crime at Nationwide.

“The trend reflects a wider rise in blended romance investment fraud, where scammers use crafted personas, fabricated wealth, and persuasive stories to build trust before steering targets into high-loss schemes.”

How to stay safe online

We recently spoke to Kirsty Guest, who became a victim of romance fraud following the breakdown of her 14-year marriage.

And she had some valuable advice for anyone who might be being targeted by a fraudster:

• Speak in person. If they refuse, ask them why. 
• Don’t keep your online a relationship a secret, even if they ask you to. 
• If it was someone else you knew talking to you like that, would you do what they say or take that response?
• If you feel pressure to move money or are even asked to do so, STOP and talk to your bank or someone you trust.
• Don’t believe in social media as being an honest platform. 
• Never be ashamed. Use your voice and ask for help.

Check out our guide on how to outsmart online scammers for more tips to help you stay safe.