- One customer in their 70s lost £4,000 to a scammer on Instagram
Scammers are pretending to befriend older and vulnerable people in a bid to extract cash from them, according to TSB.
The bank is warning the public of an uptick in so-called ‘friendship fraud’ in which fraudsters prey on older and vulnerable people’s loneliness and desire to seek a connection.
Criminals are using social media to lure people into online friendships, before extracting sums of money that can reach into the tens of thousands according to TSB.
The bank discovered one case where a customer in their late 70s lost £4,000 to a scammer, while another victim made 60 payments in the course of a ‘friendship’ spanning several years.
A new ‘friendship fraud’ scam is on the rise, TSB reports targeting older and vulnerable people
The new fraud mirrors romance scams in its approach, with fraudsters building trust and rapport before demanding money.
Both friendship scams and romance scams are forms of impersonation fraud – where scammers pretend to be a person they are not. This also covers cases where scammers pretend to be bank staff or tax office employees in order to extract cash.
Impersonation fraud accounts for 29 per cent of all bank transfer cases at TSB, the bank has said. This has jumped by 15 per cent in a year with the average loss per case at over £310.
In one of the worst cases investigated by TSB, a customer in their late 70s who lost over £4,000 after being befriended on Instagram.
After manipulating the victim into thinking they had formed a friendship, the scammer said they were unwell and urgently needed help for medical bills.
The well-meaning customer sent a series of payments and gift cards, before contact dried up and they realised it was fraud.
In another case, a total of 60 payments were unwittingly handed to a fraudster, after they befriended a customer in their late 60s on an internet message board.
The scammer posed as a young person who required financial assistance to flee an abusive family.
The relationship spanned four years until it was reported, according to TSB.
A third case saw a customer in their 70s befriend a new contact on Facebook. After building trust with regular conversation, the scammer threatened to stop talking with the individual, unless they sent gift cards and payments. TSB issued a refund of over £3,000 to the affected victim.
Steph Harrison, fraud expert at TSB says: ‘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.’
Caroline Abrahams, charity director at Age UK, added: ‘Older people who are lonely or bereaved are particularly vulnerable to being targeted, as criminals seek to exploit their isolation and yearning for friendship to part them from their money.
Being scammed in this way can have devastating consequences with victims suffering catastrophic losses, destroying not just their finances but their health, wellbeing and capacity to trust other people.
Older people and their families can find advice and tips on staying safe online by calling Age UK’s free national Advice Line on 0800 169 65 65 which is open 365 days a year from 8am to 7pm or on Age UK’s website.
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