FCA releases a review on romance fraud, urging banks and payment firms to boost detection systems, train staff to spot vulnerable customers early, and provide better support to victims

Firms often struggle to detect such scams, as fraudsters exploit trust, ask for low-value payments first, and victims frequently misrepresent payment purposes (42% of cases). Good practices were identified—such as using data-points (dating-site spend, previous fraud victims), temporary payment blocks, and tailored after-care—but many firms still miss red flags (e.g., multiple payments to one beneficiary, crypto transfers, new accounts) and lack consistent support for vulnerable customers…