TSB has issued a warning that fraudsters are carrying out “cruel” schemes targeting elderly and vulnerable individuals by exploiting their desire for companionship.
The bank revealed that criminals are taking advantage of older people’s loneliness and wish to form connections online.
According to TSB’s figures, victims of impersonation fraud, where scammers pose as either individuals or organisations, lose an average of more than £3,100 per case.
Steph Harrison, a fraud expert at TSB, said: “Scammers are targeting older and vulnerable people’s life savings, by preying on their goodwill and desire for company and friendship, with the cruel and fake promise of online companionship.”
Criminals are targeting vulnerable older people in friendship scams
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GETTY
While most victims typically make just a single payment, one particularly prolonged case saw a customer in their late 60s transfer money on 60 separate occasions across a four-year period.
The individual had been contacted on a message board by someone claiming to be a young person needing financial help to escape an abusive household.
In a separate incident, a customer in their late 70s was defrauded of more than £4,000 following a social media friendship.
The scammer cultivated trust before claiming illness and requesting urgent assistance with medical expenses, prompting the victim to send multiple payments and gift cards until communication ceased entirely.
Pensioners are being targeted by scammers
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GETTYBritons have struggled with financial fraud in recent years
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GETTYA third case involved a customer in their 70s who formed an online friendship, only for the scammer to threaten to end contact unless gift cards and payments were sent.
Ms Harrison advised that whilst online platforms offer valuable opportunities to connect with like-minded people, users should remain cautious and never share personal details or money with unverified contacts.
She warned that artificial intelligence now enables fraudsters to create convincing fake images that appear genuine.
“We can all help by checking in on friends and family and for those seeking online friendship, be wary, especially if money is involved as you just don’t know who you’re really talking to,” she said.
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Caroline Abrahams, the charity director at Age UK, said: “So-called friendship fraud is an especially horrible and insidious type of scam and it’s good to see it highlighted in this way to help put us all on our guard.”
She emphasised that lonely or bereaved older people face particular risk as criminals exploit their isolation and longing for companionship.
Ms Abrahams warned that falling victim to such schemes can prove catastrophic, damaging not only finances but also health, wellbeing and the ability to trust others.
Age UK provides support through its free national Advice Line on 0800 169 65 65, available daily from 8 am to 7 pm, alongside downloadable guides on avoiding scams at www.ageuk.org.uk/scams.