Romance scammers ‘shifting tactics towards bogus investment schemes’

Romance scammers are posing as savvy investors flaunting fake profits, Nationwide Building Society is warning.

The society said it was seeing criminals moving away from “dramatic emergency pleas” and towards manipulation involving bogus financial opportunities.

It said reported cases of romance scams increased by 5% between 2024 and 2025.

Women typically lost £4,100 per case, compared with £2,600 for men, the society said.

Meanwhile, people aged over 55 accounted for 62% cases, according to Nationwide.

Under-30s represented some 6% of cases, but 14% of overall losses, Nationwide said.

Its figures were released ahead of Valentine’s Day (February 14), although Nationwide said its own data indicated that romance scams spiked in March and September.

Jim Winters, head of economic crime at Nationwide, said: “Our fraud team has seen romance scammers moving away from dramatic emergency pleas and more towards investment-style manipulation.

“Nationwide is seeing fewer ‘help me, I’m in trouble’ scams and more cases – especially among younger people – where scammers pose as savvy investors, who flaunt fake profits and imply access to exclusive opportunities.”

He said that, while emergency-based scams still disproportionately affected older people, increased public awareness had pushed criminals to evolve their tactics.

Mr Winters said: “The trend reflects a wider rise in blended romance investment fraud, where scammers use crafted personas, fabricated wealth, and persuasive stories to build trust before steering targets into high-loss schemes.”

Here are some of the various tactics used by romance fraudsters, according to Nationwide Building Society:

1. Emergency or crisis fraud.

The scammer creates a sudden, emotional emergency to persuade the victim to send money. Examples include claims of urgent medical treatment, a relative falling ill, or unexpected travel costs.

2. “I can’t meet you” fraud.

The criminal repeatedly makes excuses for why they cannot meet in person, creating a sense of longing and emotional dependence. Excuses often include claims of working overseas or working for the military.

3. Investment or money-making romance scams.

Scammers “groom” victims into believing they are helping someone with or benefiting from a financial opportunity. Fraudsters invent get-rich-quick schemes or opportunities involving cryptocurrency. They may encourage their victim to transfer money on their behalf.

4. Gift card or voucher fraud.

Instead of asking for bank transfers, criminals request cards or vouchers as these may be harder to trace and can be easy for criminals to convert.

5. Money-mule grooming.

The fraudster may send the victim money or expensive items and ask them to “hold” or “forward” it. Victims often do not realise they are being used to illegally launder money for criminals.

6. Deepfake and AI-enhanced romance scams.

Scammers increasingly use images and videos which have been altered using AI (artificial intelligence) to make identities appear more convincing. They may also use photos that have been stolen from elsewhere online to create fake identities.

7. Isolation and control scams.

The fraudster isolates the victim from family and friends so they cannot get advice or perspective. Typical behaviours include asking to keep a relationship secret and reinforcing ideas of a “future together” to deepen their victim’s dependency.