TSB Warns of Surge in ‘Cruel’ Friendship Fraud Targeting Older and Vulnerable Individuals

UK bank TSB has issued a stark warning about a growing trend of “friendship fraud,” where criminals exploit the loneliness and desire for connection among older and vulnerable people. This insidious scam involves fraudsters building relationships with victims online over extended periods, often spanning years, before manipulating them into providing financial assistance.

How Friendship Fraud Works

Friendship fraudsters typically initiate contact through social media platforms or message boards, posing as individuals seeking companionship. They cultivate trust by engaging in regular conversations and feigning genuine interest in the victim’s life. Once a bond is established, the scammer introduces a fabricated crisis – such as an abusive family situation, urgent medical bills, or financial hardship – and requests money or gift cards.

TSB has highlighted several recent cases illustrating the devastating impact of this fraud. In one instance, a customer in their late 60s was befriended on a message board and made 60 payments over four years to a scammer claiming to need funds to escape an abusive family. Another victim, in their late 70s, lost over £4,000 after being targeted on social media with a story about needing support with medical expenses. A third case involved a scammer threatening to end a relationship unless the victim sent gift cards and payments.

The Financial Toll

According to TSB data, the average loss per case of impersonation fraud – which encompasses friendship fraud – exceeds £3,100. Though, the emotional and psychological consequences for victims can be even more profound, leading to feelings of betrayal, shame, and a loss of trust.

Expert Insights

Steph Harrison, a fraud expert at TSB, emphasized the cruelty of these scams, stating, “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.” She urges the public to check in on friends and family, particularly those who may be susceptible to this type of fraud, and to exercise caution when forming online relationships, especially if money is involved.

Caroline Abrahams, charity director at Age UK, described friendship fraud as a “horrible and insidious type of scam,” noting that older individuals who are lonely or bereaved are particularly vulnerable. She added that being scammed in this way can have “devastating consequences,” impacting not only finances but too health, wellbeing, and trust.

Protecting Yourself and Others

TSB and Age UK offer the following advice to help prevent friendship fraud:

• Be Suspicious: Remain skeptical of online friendships, especially those that develop quickly. Do not share personal information or send money to someone you have not met in person and cannot verify.
• Beware of AI-Generated Content: Recognize that fraudsters are increasingly using artificial intelligence to create convincing profiles and stories.
• Seek Impartial Advice: Discuss online relationships with trusted friends or family members who can offer an objective perspective.
• Be Wary of Financial Requests: If a conversation turns to money, be extremely cautious. No matter how friendly the individual seems, it could be a ploy to steal your funds.
• Check In on Vulnerable Loved Ones: Regularly connect with elderly friends and family members to discuss their online interactions and offer support.

Resources

• TSB Warns About ‘Cruel’ Friendship Fraudsters
• Sky News: How ‘cruel’ friendship fraudsters are scamming older people
• The Independent: Bank warns of ‘cruel’ scam targeting vulnerable seniors
• This is Money: TSB warns customers over new ‘friendship fraud’ scam