Lloyds Banking Group has issued an urgent warning as pensioners are losing thousands of pounds to romance scammers who pretend to be looking for love.
Fraudsters are increasingly targeting people online, building what appear to be genuine relationships before persuading their victims to hand over money.
Reports of romance fraud have risen by 24 per cent over the past year, with victims losing an average of £4,078 each, according to new figures from Lloyds.
The bank analysed scams reported by its customers between September 2025 and August 2026 and found that older people suffered the biggest financial losses.
More than half of all money stolen through romance scams came from victims aged over 65, who accounted for 55 per cent of the total amount lost.
Those aged between 75 and 84 were hit particularly hard, losing an average of £9,051 each. This was 19 per cent more than the previous year and the highest average loss of any age group.
While the number of romance scams reported to Lloyds increased overall, the average amount lost by each victim actually fell by 20 per cent compared with the previous year.
However, the figures show that younger people are increasingly being targeted too.
Reports from customers aged 18 to 24 jumped by 59 per cent over the past year, while those aged between 25 and 34 saw a 39 per cent increase.
The way victims encounter scammers also differs depending on their age.
Younger people are more likely to come across fraudsters on dating apps and social media, while those over 50 are more likely to be targeted through traditional dating websites as well as social media.
Romance scammers typically spend time gaining someone’s trust and making them believe they are in a genuine relationship before asking for money.
Lloyds Banking Group has issued a warning to customers
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GETTYLiz Ziegler, fraud prevention director at Lloyds, said: “Romance scammers don’t care how old someone is. They look for opportunities to build trust, create an emotional connection, then turn that relationship into a request for money.
“We speak to customers every day who believed they had found a genuine relationship, only to discover that the person they trusted was only interested in money.”
Ms Ziegler warned that the damage goes beyond the money stolen, with victims also facing the emotional distress of discovering that someone they trusted had been deceiving them throughout the relationship.
She also cautioned that being digitally confident does not make younger people immune to fraud.
Lloyds has sounded the alarm on scammers targeting those looking for love
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GETTYPatrick Hurley, ombudsman director at the Financial Ombudsman Service, said: “Being the victim of a fraud or scam can be deeply distressing and sadly for many people the financial implications can be life-changing.”
Mr Hurley encouraged anyone unhappy with how their financial provider has handled a case to raise a complaint directly with the firm, or to contact the ombudsman if the matter remains unresolved.
Ms Ziegler offered several practical steps for people to protect themselves from romance fraudsters.
She warned that criminals frequently use intense declarations of affection to forge a powerful emotional bond before eventually requesting money.
Victims are losing an average of £4,078 each, according to new figures from Lloyds
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GETTYPeople should guard their personal and financial details carefully, avoiding sharing banking information, passwords, identity documents or intimate images.
Profiles that appear newly created, contain very little detail, or seem too polished should be treated with caution. A reverse image search can reveal whether someone’s photograph is being used elsewhere online or belongs to a different person entirely.
Ms Ziegler also urged people to resist any sense of urgency or guilt, as fraudsters often manufacture emergencies to pressure victims into making quick payments.
Above all, she advised speaking to a trusted friend or family member before sending any money.