Con artists pocket almost €500k in romance fraud scams

People have been warned to be wary of potential romance fraud scams after 30 cases were reported last year. 

The fraudsters set up fake profiles and build a relationship with their victims, gaining their trust before asking for money, which can be portrayed as emergency medical expenses or money to cover travel expenses to visit the victim.

Almost 30 Irish victims of "romance fraud" handed over an average of €18,000 each last year, with con artists pocketing a total of €486,000.

The Banking and Payments Federation Ireland (BPFI) has warned that romance scams are on the rise due to the Covid-19 pandemic.

“The onset of Covid-19 has seen many elements of our lives, including socialising, move online,” Niamh Davenport, head of Digital and Fraud Prevention, BPFI said.

With an increase in online dating, fraudsters are not only taking advantage of the rising number of people online, but they are also preying on people’s loneliness, isolation and vulnerability as a result of the restrictions and lockdowns we are experiencing.” 

Victims of romance fraud scams typically meet fraudsters through online dating platforms. The fraudsters set up fake profiles and build a relationship with their victims, gaining their trust before asking for money, which can be portrayed as emergency medical expenses or money to cover travel expenses to visit the victim.

Last year, BPFI, whose members include Allied Irish Bank, Bank of Ireland, KBC Bank Ireland, PermanentTSB, Ulster Bank, An Post Money and Barclays were made aware of up to 30 cases of romance fraud last year, amounting to €486,000.

A spokesperson for BPFI also noted the number of cases was likely higher than 30 as its members feel it's likely to be an under-reported fraud, given the embarrassment that victims can experience.

Victims of so-called romance fraud were scammed out of an average of €18,000, with this figure rising as high as €50,000 in some cases

Victims of romance fraud scams typically meet fraudsters through online dating platforms. Picture: iStock

Ms Davenport said fraudsters' objective in using online dating sites and apps is to build up an emotional connection and gain their victims' trust over a period of time.

“They will often devote months to this process, after which time they will create a sense of urgency in order to ask their victim for money or indeed in many cases have the victim offer them money,” she explained.

It can be a devastating experience for people who get caught up in these types of scams and oftentimes they are too embarrassed to report the crime.” 

“While knowing how to protect yourself from these type of scams is critically important, it is just as important to dispel any shame victims of such scams may feel.” 

For anyone concerned they may have fallen victim to such a crime, Ms Davenport advises them to contact their bank and gardaí immediately.

“The quicker you act the better your chance of recouping any lost funds.” 

In September 2020, gardaí made three arrests after uncovering a “control centre” for a large-scale romance fraud operating out of Dublin and Navan. It was the first time such an operation had been uncovered in the State.