Romance scams are expanding beyond dating apps, complicating detection for banks. Financial crime experts report that losses from these scams reached £20.5 million in the first half of 2025, with victims averaging 11 payments and losses of £7,500 each. Criminals utilize AI-generated deepfakes and detailed scripts to create credible narratives while operating through various platforms like social media and fitness apps. Initially benign contact often shifts to private messaging, escalating demands over time. Experts emphasize that these frauds reflect organized crime, tapping into human emotions and leveraging technology to manipulate trust. Banks face challenges due to victims authorizing payments, complicating monitoring efforts. To combat these scams, financial institutions are urged to expand risk assessments, enhance cooperation, and implement consistent safety measures. Industry-wide collaboration is crucial for early detection, helping to protect consumers from being exploited while navigating evolving tactics used by scammers.
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