Romance scam losses exceed £106m as Valentine's Day approaches

Chargebacks911 has warned that romance scams are becoming more organised and more financially damaging. UK victims reported losses of more than £106 million in the most recent reporting year, and early 2025 figures show further growth.

Data from the City of London Police and the National Fraud Intelligence Bureau puts average losses at more than £11,000 per victim. Separate figures from UK Finance show £20.5 million lost in the first half of 2025, up 35 percent year on year.

Barclays also reported an increase in romance scam cases, with banking data showing reports up 20% year on year in early 2025. Many cases began on social media or dating platforms before moving to private messaging services.

Seasonal spike

Periods linked to dating and relationship milestones tend to drive more scam attempts, according to Chargebacks911. The firm highlighted Valentine's Day, when many people use dating apps and social platforms more often.

Tracy Cray, Managing Director, UK & Europe Operations at Chargebacks911 and Fi911, said scammers often focus on emotional connection before making a financial request.

Cray commented, "Valentine's Day creates the perfect conditions for scammers," Cray said. "People are open, hopeful and ready to trust. That is exactly what fraudsters look for. They build emotional connections first, then apply pressure when money enters the conversation. By the time victims realise what is happening, the funds are usually gone."

Payment methods

Romance scams can deliver high returns because the amounts involved are often larger than in many other fraud types. Law enforcement and regulators have repeatedly warned that scammers steer victims towards payment methods that are difficult to recover once sent.

Gift cards, peer-to-peer transfers, bank transfers and cryptocurrency transactions often feature in reported cases. These options can bypass card dispute processes and offer fewer routes for reversal, especially when the victim authorises the transfer.

Cray said a key risk is the gap between consumer expectations and the reality of recovery once funds have moved.

"Many people assume their bank can reverse these transactions," she said. "What they do not expect is how limited recovery options can be once money leaves the account willingly. That reality makes prevention far more effective than trying to fix the damage afterwards."

How scams work

Chargebacks911 also described a case involving Cray, who was targeted in a romance scam that continued for nearly nine months. After spotting suspicious behaviour, she stayed in contact and tracked how the operation evolved.

The scam involved multiple participants and an extended narrative designed to build trust over time. Chargebacks911 said the group used stolen identities and convincing supporting materials, including fake contracts, staged travel scenarios and escalating financial requests introduced later in the interaction.

This structure reflects a broader shift in online fraud, as criminal groups invest more time in relationship-building. The approach can reduce early suspicion and increase the likelihood of larger payments once a victim feels emotionally committed.

Consumer advice

Chargebacks911 urged consumers to slow down if an interaction moves quickly towards intense emotional commitment or a request to switch to private messaging. It advised against sending money or sharing banking details with someone not met in person, and said video calls can help verify identity when it is unclear.

The firm also recommended reverse image searches and checking for inconsistencies across a person's story and profile. It encouraged people to trust their instincts and report suspected scams to Action Fraud, their bank and the platform where contact began.

While the financial impact is reflected in police and banking statistics, the harm can extend beyond money. Romance scams often involve sustained manipulation, leaving victims reluctant to report and less willing to form online relationships in the future.

Chargebacks911 expects payment providers and platforms to face continued scrutiny as losses rise and tactics evolve.