Romance scams cost UK victims £106m in one year
Romance fraud is an increasing crime that exploits both emotions and finances, costing victims in the UK an estimated £106 million in the last financial year.One victim, Varun Yadav, a banker from London, sought a life partner through a dating app, only to end up losing both love and money, as reported by BBC News.
He found himself £40,000 poorer after being convinced to invest in cryptocurrency.
“I recognized the warning signs,” he confessed, “but my emotional investment led me to disregard my concerns.”
By the time he came to terms with the reality, fear and shame kept him from speaking up.
Action Fraud, which published the statistics, cautioned that such scams can impact victims well beyond their financial losses, leading to severe emotional, social, and even physical repercussions.
Mr. Yadav thought he had discovered his ideal partner on a website called Jeevansathi, which means “life partner” in Hindi. She identified herself as Rekha Shah.
Following months of conversations on WhatsApp and video calls, she convinced him to invest with her.
The scheme depleted his entire life savings, leaving him feeling suicidal.
“You notice all the indicators, but your emotional attachment blinds you. You are prepared to forfeit the money, but not the relationship,” he shared with BBC Radio London.
The UK Financial Conduct Authority pointed out that banks are not taking enough action to safeguard customers against romance scams.
Enhanced monitoring systems, earlier identification of at-risk individuals, and supportive measures afterward could significantly enhance outcomes for those affected.
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