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The Guardian - UK
The Guardian - UK
Technology
Shane Hickey

Banks need stricter controls to prevent romance fraud, says City regulator

FCA City
Man using a laptop
A report has found 85% of romance scams emerge from relationships initiated through social media or dating apps. Photograph: Dominic Lipinski/PA

The City regulator has called on banks and payment firms to bring in stricter controls protecting customers from romance fraud after a study showed a number of missed “red flags” that led to people losing huge sums of money.

The review by the Financial Conduct Authority (FCA) highlighted one case where someone lost £428,000, another where a customer made 403 payments totalling £72,000 to a fraudster and a case where someone wanted money to transfer cryptocurrency to their “partner” in Iraq.

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