TSB has issued an urgent warning to the public over a spate of “friendship fraud” cases where “cruel” scammers have targeted older and vulnerable people to heartlessly exploit their loneliness for cash. The high street bank analysed customer fraud data over the past year to highlight the risk of these devious schemes, which can be all too easy to fall for.
The data shows a series of recent scams in which criminals use social media to lure unsuspecting victims into online friendships before extracting money. The sums transferred can range into the tens of thousands, the bank says. TSB’s fraud expert Stephanie Harrison warns that “friendship fraud” works in a similar way to romance scams, in which swindlers build up trust and rapport with their targets before starting to demand cash.
But this “friendship fraud” phenomenon sees victims simply looking for online contact and friendship and to make themselves feel less alone, while unknowingly seeking solace in people who are looking to fleece them.
TSB says in the series of cases it analysed, victims made anything from one payment up to 60 payments, in a “friendship” that lasted a number of years.
It singled out one case, in which a customer in their late 70s lost more than £4,000 after being befriended on Instagram. After spending time to form a friendship, the individual then claimed they were unwell and needed urgent help with medical bills.
TSB said the well-meaning customer sent over a series of payments and gift cards. After that, contact ended and they realised they had been tricked.
A total of 60 payments were made in a recent case involving a customer in their late 60s who was befriended on a message board.
The scammer posed as a young person who needed financial assistance to flee an abusive family. Tragically, the relationship spanned four years until it was reported, TSB said.
In a third case, a customer in their 70s befriended a new Facebook contact. After building trust with regular conversation, the scammer threatened to stop talking to them unless they sent gift cards and payments, the bank said.
TSB said it supported a refund of over £3,000 in that case. The bank said wider impersonation fraud, which involves any form of fraud in which scammers pretend to be a person, or organisation, accounts for 29% of all bank transfer cases at TSB, citing customer data for 2025. This has jumped by 15% in a year, with a loss of more than £3100 per case on average.
Ms Harrison said: “Scammers are targeting older and vulnerable people’s life savings, by preying on their goodwill and desire for company and friendship – with the cruel and fake promise of online companionship.
“We can all help by checking in on friends and family – and for those seeking online friendship, be wary, especially if money is involved – as you just don’t know who you’re really talking to.”
She urged anyone affected to contact their bank “immediately”, and “report the case to Report Fraud”.
“Following this, it’d be a good idea to review your privacy online, such as your social media account, and use of message boards, to ensure you won’t be targeted again,” the personal finance expert added.
