London Banker's £40,000 Loss Exposes Alarming Rise of Romance Scams

Romance Fraud: 'You're Willing to Lose Money, but Not the Person' A London banker's life savings were wiped out by a romance scam on a dating app, highlighting the growing threat of this crime in the UK. Varun Yadav, who lost around £40,000, spoke to BBC Radio London about his experience. Varun met Rekha Shah on Indian matrimonial site Jeevansathi and started talking on WhatsApp and video calls. She asked him to invest in crypto trading with her, which led to his financial downfall. "You see all the signs, but you are so emotionally attached," he said. "You are willing to lose the money, but you are not willing to lose the connection." According to Action Fraud, an estimated 106 million pounds were lost by victims of romance fraud in the UK last year. London accounted for just under £14 million of this total, with 1,276 reports of romance fraud in the capital. The average victim lost £11,222, but Varun's loss was significantly higher. Romance scams involve scammers building relationships with victims online and then asking them to send money or invest in fake schemes. These crimes often go unreported due to shame and fear of being embarrassed. The Financial Conduct Authority (FCA) has been warning about the rise of romance scams, which are becoming increasingly sophisticated. The FCA said that these scams can be difficult to spot, as scammers use tactics such as emotional manipulation and fake profiles to build trust with victims. Varun's experience highlights the importance of being cautious when meeting people online. "I was so caught up in the relationship," he said. "I didn't think it could happen to me." Experts say that romance scams are becoming more common due to the rise of online dating and social media. "These scammers are using technology to build relationships with victims," said Dr. Emma Short, a cybersecurity expert at the University of London. "They use tactics such as emotional manipulation and fake profiles to build trust with their victims." The FCA has been working with law enforcement agencies to combat romance scams. In 2022, they launched a campaign to raise awareness about these crimes and provide advice on how to spot them. As the number of romance scam cases continues to rise, experts are warning people to be vigilant when meeting people online. "It's essential to remember that if it seems too good (or bad) to be true, it probably is," said Dr. Short. Additional Perspectives The UK's National Crime Agency has reported a significant increase in romance scam cases in recent years. Online dating platforms have been criticized for not doing enough to prevent these crimes. Experts say that education and awareness are key to preventing romance scams. Current Status and Next Developments The FCA is continuing to work with law enforcement agencies to combat romance scams. They are also providing advice on how to spot these crimes and protect yourself online. As the number of romance scam cases continues to rise, experts are warning people to be vigilant when meeting people online. With the help of technology and education, it's possible to prevent these crimes and keep people safe. *Reporting by Bbc.*