Romance scam reports rise with jump in Gen Z victims
New figures from Lloyds Banking Group reveal that reports from victims aged 18 to 24 have increased by 59%
A major bank has seen a 24% increase in reports of romance scams over the past year.
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Although there was a significant rise in reports among younger adults, older victims typically lost more money, according to Lloyds.
The figures cover romance scams reported by Lloyds Banking Group customers between September 1 2025 and August 31 2026, compared with the previous 12-month period.
Reports from victims aged 18 to 24 increased by 59% over the period, while reports among those aged 25 to 34 also rose by 39%.
New analysis by Lloyds found that more than half (55%) of the money lost to romance scams in the latest 12-month period came from victims aged over 65.
Those aged 75 to 84 lost an average of £9,051 as a result of romance scams, the highest average of any age group and 19% more than the previous year.
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Despite this, the average amount lost to romance scams fell by 20% to £4,078, Lloyds said.
Younger victims often met scammers on dating apps and social media platforms, compared with over-50s, who encountered criminals through traditional dating websites and social media platforms.
Lloyds fraud prevention director Liz Ziegler 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.
“Victims can be left dealing not only with a financial loss, but also the distress of learning that the relationship and future they had imagined were never real.
“The rise in reports from younger adults shows anyone building friendships or relationships needs to recognise the warning signs.
She added: “Many people assume younger adults are less likely to fall victim because they are confident online, but being digitally savvy does not make someone immune to fraud.
“If someone you’ve recently met starts asking for money, take a step back and speak to someone you trust. A genuine relationship should never depend on money.”
Patrick Hurley, ombudsman director at the Financial Ombudsman Service (FOS), stated: “Being the victim of a fraud or scam can be deeply distressing and sadly for many people the financial implications can be life-changing.
“Romance scams particularly can leave an emotional scar and the impact on victimsis often significant.
“If consumers are unhappy with their financial provider, they should first raise a complaint with the business.
“If they don’t believe that has resolved the issue, they can get in touch with us and we’ll see if we can help.”
Recommended advice to avoid romance scams
Ms Ziegler has offered advice to help individuals avoid falling victim to these scams.
– Romance scammers often use intense messages and declarations of love to create a strong emotional connection before asking for money.
– Protect personal and financial information. Do not share banking details, passwords, copies of identity documents or intimate material.
– Look out for red flags. Be cautious of changing circumstances, inconsistencies and excuses that do not stand up to scrutiny. Be cautious if their online profile seems newly created, contains limited information, or appears too good to be true.
– A reverse image search can show whether a photo appears elsewhere online or is being used on another person’s profile.
– Step back from feelings of urgency or guilt. Fraudsters often create pressure, emergencies or emotional ultimatums to encourage quick payments.
– Talk to someone you trust. Tell a friend or family member about the relationship, particularly before sending money. An outside perspective can help identify pressure or inconsistencies that are harder to recognise when emotions are involved.