In a growing trend of romance fraud, Varun Yadav, a banker from London, became a victim after using a dating app. He connected with a woman named Rekha Shah on the Indian matrimonial site Jeevansathi. After months of communication via WhatsApp and video calls, she persuaded him to invest in cryptocurrency trading. This led Varun to lose approximately £40,000, which is significantly higher than the average loss of £11,222 reported by victims in the UK, totaling £106 million last year, according to Action Fraud.
The Financial Conduct Authority (FCA) has highlighted that banks need to improve their ability to detect and prevent such scams. While some banks have implemented protective measures, the FCA has called for enhanced monitoring systems and better staff training to identify potential fraud victims effectively. Varun, initially cautious about investing in a platform called Deuncoin, was misled after he managed to withdraw funds initially, only to encounter losses later when pressured to invest more.
Romance fraud exploits trust by having fraudsters create fake personas ostensibly for romantic purposes, eventually leading to financial manipulation. Action Fraud advises against sending money to individuals met online, recommending that individuals maintain a cautious approach to sharing personal information and communicate any concerns with friends and family.
The Metropolitan Police have recently launched a campaign targeting romance fraud, sharing real-life victim accounts and emphasizing awareness as a critical defense mechanism. Detective Superintendent Kerry Wood stated that these crimes are deeply personal and can significantly impact victims’ self-worth and trust in others. Varun, who has rebuilt his life post-scam, encourages those affected to seek support from loved ones instead of isolating themselves.
Source: https://www.bbc.com/news/articles/c24l5301gg8o?at_medium=RSS&at_campaign=rss