TSB warns over friendship fraud targeting older people after spate of new cases
TSB is warning the public about a rise in friendship fraud, in which scammers build fake online relationships with older and vulnerable people before extracting money, sometimes over several years.
The bank has reviewed a series of recent cases in which criminals used social media and online forums to pose as friends, before making financial demands.
In one case, a customer in their late 70s lost over £4,000 after being befriended on Instagram.
The scammer said they were unwell and needed help with medical bills.
The customer sent a series of payments and gift cards before contact stopped and they realised it was fraud.
A second case saw 60 payments made over four years after a customer in their late 60s was befriended on a forum.
The conversation moved to a different website, where the scammer posed as a young person who needed financial help to flee an abusive family.
In a third case, a customer in their 70s was befriended on Facebook and then threatened with the end of the friendship unless they sent gift cards and payments.
TSB supported that customer with a refund of over £3,000.
TSB data shows impersonation fraud, which includes any fraud in which scammers pretend to be a person or organisation, accounts for 29% of all bank transfer cases at the bank and has risen by 15% in a year.
The average loss per impersonation fraud case is over £3,100.
Stephanie Harrison, TSB Fraud Expert, 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.”
“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.”
Lisa Webb, consumer law expert at Which?, said: “This is a particularly cruel scam that preys on older people who may be living alone and in need of human connection.”
“Scammers often try to pressure people by claiming that they need cash to deal with an emergency. Be wary if your relationship with this person escalates quickly and if they make excuses for not meeting in person or over a video call.”
“If you think you have lost money to a friendship scammer, contact your bank immediately and report it to Action Fraud.”
Anyone in Wales who believes they have been targeted can report it to Action Fraud at actionfraud.police.uk or by calling 0300 123 2040.
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