Romance Scammers 'Shifting Tactics Towards Bogus Investment Schemes'
Increased public awareness about traditional romance scams has pushed criminals to evolve their tactics, according to a stark warning from Nationwide Building Society. The financial institution reports that fraudsters are now posing as savvy investors flaunting fake profits, moving away from dramatic emergency pleas towards more sophisticated manipulation involving bogus financial opportunities.
Alarming Statistics Reveal Vulnerable Groups
Reported cases of romance scams increased by 5% between 2024 and 2025, with concerning patterns emerging among different demographic groups. Women typically lost £4,100 per case, significantly higher than the £2,600 average loss for men. Meanwhile, people aged over 55 accounted for 62% of all cases, highlighting their particular vulnerability to these schemes.
Younger victims present a different pattern. While under-30s represented just 6% of reported cases, they accounted for 14% of overall financial losses, suggesting scammers are successfully targeting this demographic with high-value frauds.
Seasonal Patterns and Evolving Tactics
These figures were released ahead of Valentine's Day, though Nationwide's own data indicates romance scams actually spike in March and September. Jim Winters, head of economic crime at Nationwide, explained the tactical shift: "Our fraud team has seen romance scammers moving away from dramatic emergency pleas and more towards investment-style manipulation."
"Nationwide is seeing fewer 'help me, I'm in trouble' scams and more cases – especially among younger people – where scammers pose as savvy investors who flaunt fake profits and imply access to exclusive opportunities," Winters continued.
The Rise of Blended Romance Investment Fraud
While emergency-based scams still disproportionately affect older people, increased public awareness has forced criminals to develop more sophisticated approaches. Winters noted: "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."
Seven Common Romance Scam Tactics
Nationwide Building Society has identified several key tactics used by romance fraudsters:
- Emergency or crisis fraud: The scammer creates a sudden, emotional emergency to persuade the victim to send money. Examples include claims of urgent medical treatment, a relative falling ill, or unexpected travel costs.
- 'I can't meet you' fraud: The criminal repeatedly makes excuses for why they cannot meet in person, creating emotional dependence. Excuses often include claims of working overseas or for the military.
- Investment or money-making romance scams: Scammers groom victims into believing they are helping with or benefiting from financial opportunities, often involving get-rich-quick schemes or cryptocurrency.
- Gift card or voucher fraud: Instead of bank transfers, criminals request cards or vouchers that are harder to trace and easier to convert.
- Money-mule grooming: The fraudster may send the victim money or expensive items and ask them to hold or forward it, effectively using them to launder money illegally.
- Deepfake and AI-enhanced romance scams: Scammers increasingly use AI-altered images and videos or stolen photos to create convincing fake identities.
- Isolation and control scams: The fraudster isolates the victim from family and friends, often by asking to keep the relationship secret while reinforcing ideas of a future together.
The evolution from emotional manipulation to financial deception represents a significant development in romance fraud, requiring increased vigilance from all potential targets regardless of age or gender.
