Romance scams – preying on the kind hearted

I apologise if I’m becoming the bi-monthly agony Aunt in reminding you about the importance of financial trust in romantic relationships; but being able to trust your partner in any relationship is imperative. It’s also important to remind those of you who are single, divorced or widowed that it is vital that you’re not taken advantage of when establishing a new relationship.

We know that you, our clients, trust our advice and expertise, which is why we’d like to think that if any significant financial decisions needed to be made – you’d get in touch with us.

Unfortunately, preying on the kind-hearted isn’t at all unusual in the landscape of financial scams and fraud. We hope that all our clients would call us if you were getting a ‘gut feeling’ when something doesn’t seem or ‘feel’ quite right. We are here to reassure you on things and to flag up anything out of the ordinary to prevent you coming to any ‘financial harm’.

Lloyds Bank research shows that the number of people falling for so-called ‘romance scams’ rose by over 22% in 2023 (on the previous year).  The statistics revealed that men and women aged 55-64 were the most likely group to be tricked by “fraudsters masquerading as love interests”.  However, it is 65-74 year olds who lose the most money in these scams, giving away an average of over £13,000.

The fraud prevention director at Lloyds Bank, Liz Ziegler, weighs in:

“Targeting those looking for love is a cruel, but sadly common, way for fraudsters to cash in. Scammers can be incredibly convincing and leave their victims both emotionally and financially drained’’.

I appreciate that this is a delicate topic; some people loathe to talk about such personal circumstances with their financial adviser, but your relationships intertwine with your finances and we are very honoured that our clients are willing to share these details with us.  Rest assured – like a close friend or a doctor – your stories and questions will always be confidential and received without judgement.

On the same note, I would like to remind all of you about the importance of both parties (if in a couple) attending initial or annual review meetings with either Dominic or Daniel. It is crucial that nothing is ‘lost in translation’, and this way we can ensure that we keep everyone as included as possible.  For us, it is all about transparency and clarity for each and every one of you.