Lloyds reports sharp rise in romance-scam complaints, especially among Gen Z
Lloyds says reports of romance scams jumped 24% in the past year, with a 59% surge among 18-24-year-olds, while seniors lost the most money.
Lloyds has recorded a 24% increase in romance-scam reports over the last year, noting a particularly steep climb among younger adults: complaints from 18-24-year-olds rose 59% and those from 25-34-year-olds rose 39%. Yet the bulk of the monetary loss still falls on older victims, with more than half of the total (£4,078 average loss) coming from people over 65, and the 75-84 age bracket losing an average of £9,051, 19% more than the previous year.
The bank attributes the rise to scammers exploiting dating apps and social media to forge emotional connections before requesting funds. Liz Ziegler, Lloyds’ fraud prevention director, emphasized that digital savvy does not protect anyone from such fraud. The Financial Ombudsman Service’s Patrick Hurley warned that romance scams can leave lasting emotional scars and urged victims to report issues to their providers before escalating to the ombudsman. Practical advice includes protecting personal data, spotting red flags, and seeking trusted opinions before sending money.
Why it matters
Romance scams are growing, especially among young adults, and cause significant financial loss for older victims.
In this story
