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Westminster Asset Management
Home Lifestyle

Be careful and don’t succumb to romance fraud this Valentine’s Day

February 12, 2021
in Guernsey, Isle of Man, Jersey, Leisure, Lifestyle
Be careful and don’t succumb to romance fraud this Valentine’s Day
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With new figures pointing to an escalation in ‘romance fraud’ during the lockdown period across the UK, HSBC is urging islanders to use Valentine’s Day as an opportunity make themselves aware of and better understand how they can protect themselves from scams through online dating sites and apps.

New figures from UK Finance show that romance fraud – a scam where someone is conned out of money by pretending to want a relationship – rose during the pandemic-enforced lockdown in the UK, with a 20% increase in bank transfer fraud linked to romance scams in 2020 compared to 2019. Meanwhile, £68m was lost to such scams in 2020.

HSBC is asking islanders to protect themselves by looking out for the ‘red flags’, including if someone online says:

  • They work overseas in the armed forces or for a charity
  • They promise to relocate to live with you, but constantly delay the move date
  • They quickly show strong romantic feelings without meeting you face to face
  • They regularly ask to borrow money with the promise to repay, often for urgent or unseen reasons
  • They mention investment opportunities with low risk and high returns

John Goddard, Head of Wealth and Personal Banking for HSBC Channel Islands and Isle of Man, said: “Figures show that romance fraud is on the rise, driven in part by the isolation of lockdown and the increased use of digital apps, and it’s important that people are cautious about meeting and becoming romantically involved with someone online. Romance fraud is emotionally damaging and can result in identity theft and financial loss, so we would encourage islanders to use Valentine’s Day as a reminder of how to stay safe online”.

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Reece Mackie

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