Young women are most vulnerable to romance fraud. YPulse’s Dating & Relationships report shows 30% of Gen Z and Millennials say they use dating apps because they want to feel less lonely, but online relationships can come with a financial risk. According to Action Fraud figures, “almost £90 million was lost to romance scams in 2022” and this is likely an underestimate due to underreporting. The risk of romance fraud has increased due to the cost-of-living crisis, with scammers using new tactics to exploit young, vulnerable victims. Attempts at romance scams have risen by 60% in the past six months and young women are most susceptible despite believing they could never be a victim. Emotional manipulation is key factor in these scams and Barclays research shows that while “over half (54%) of 21 to 30-year-olds [are] confident they would not be a victim, they are twice as likely as 51 to 60-year-olds to fall victim to a scam.” Plus, over a quarter (27%) of people admitted to sending money to someone they were dating online to help with bills, food, and other essentials as their reasoning. (Refinery29)
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