Citadele bank has identified approximately 30 cases of romance fraud over the past six months, according to an internal analysis of client payments. All victims are over the age of 60, with several exceeding 80, and the majority are women. The average amount transferred in a single payment ranges from €200 to €500.
The Silence of the Statistics
Accurate statistics on romance fraud are difficult to obtain, as payments made by clients often resemble those associated with investment scams. Victims are often reluctant to admit they have been defrauded. “The average amount transferred in a single payment is typically a few hundred euros. Scammers deliberately choose to request amounts that fall within the everyday spending habits of seniors, generally between €200 and €300. By making these payments regularly, the total losses can become significant,” says Mārtiņš Kreicbergs, Senior Fraud Analyst at Citadele bank’s Fraud Prevention Department.
From Love to Investments
The bank has also recorded larger suspicious payments – exceeding €1500 and even €2500 – in the last six months, but there is suspicion that these represent a further stage of the fraud. “It’s possible that it all started as a romantic scam with small amounts, which later transformed into an investment scam,” explains Kreicbergs.
“Once contact is established, regular communication takes place, and the victim’s trust is gained,”
and then the scammer begins to talk about their successful investment experience with grand profits. The victim believes and makes payments, hoping for a return. But the reality is harsh – recovering the money is practically impossible. “The only option is to recall the payment, but this only happens with the recipient’s consent. If the payment was made through online banking and you authorized it yourself, that is your consent to the payment and it can no longer be disputed,” explains a bank representative.
The Ideal Suitor Who Isn’t Real
The romance scam scheme is classic – a stranger writes on Facebook and a correspondence begins that lasts for several months. Older people, especially those over 80, are often very lonely. “Even if they understand that it might be a scam, at least someone is writing to them, asking how they are doing. This attention becomes more important than the money,” admits the bank.
Women aged 60 are most often looking for relationships. Their conversation partner is almost always ideal – a widower, soldier, investor, doctor, oil platform worker, UN representative, or even a general somewhere in Africa. They all work at a noble job, write touching messages, send photos, call, but video call options are never used. After a long correspondence, a misfortune occurs – money is suddenly needed. Perhaps for a passport, an airline ticket to Latvia, or medical assistance. The victim transfers it, but that’s not the end of it. More money is needed again, because the misfortunes continue.
What is the Bank Doing to Protect?
The bank monitors client payments and pays attention to situations where older people begin to make transfers to foreign accounts that are unusual for them. “Very often we see that several of our clients are transferring money to the same account. We identify and block such accounts, although scammers quickly change them,” says Kreicbergs.
In cases of suspicious payments, clients are asked to contact the bank. Specific questions are asked – who is the recipient, how does the client know them, what is the payment for? Often, clients are unable to answer. More often – they don’t contact the bank at all. “If the bank sees that It’s a scam, even if the client wants to make the payment, we do not allow it and encourage them to familiarize themselves with fraud information. This can be done on the neuzkeries.lv website and in the IT security section of the Citadele homepage, where all types of fraud are described. Our goal is not to restrict the client, but to protect their funds,” emphasizes the bank representative.
When scammers are no longer able to receive money directly, they use another scheme – asking clients to transfer money to other people so that they can send it on. This represents also dangerous.
“If money comes into the account from an unknown person and fraud is subsequently detected, the client may face account closure and even criminal liability.”
Unfortunately, many seniors are unaware of what a proxy account is – an account into which money comes with the aim of immediately transferring it on. For them, the main thing is to make this payment to send the money to their sweetheart,” says Mārtiņš Kreicbergs.
How to Avoid Being Scammed
Romance fraud usually starts innocently – with correspondence and attention. By understanding the typical schemes and acting in time, it is possible to protect yourself from both lost money and deep disappointment.
Some recommendations:
- If you do not want to meet someone, do not respond to messages from strangers on social networks;
- If acquaintance does happen, be sure to contact via video call;
- The profile picture can be placed in Google Image Search to make sure it hasn’t been stolen; if you find this difficult, ask your children or grandchildren for help;
- If requests for money appear during the correspondence, that is a sign of fraud, not a relationship;
- Before making a payment at the request of such a person, you can always ask the bank for advice to find out if it will be safe.
