As you have got older, retirement has left you with more time on your hands. Loneliness has set in. Luckily, you have found a friend through one of the online motoring groups you are in, and a close bond has blossomed over your common interest in cars.
But your new friend has found themselves short when it comes to paying for their university textbooks, and has asked you for £50. It’s not much, and you get on so well that you agree to pay via bank transfer.
It will be the first of many requests for payment that the “friend” makes, all for seemingly small amounts, but which mount up as part of a structured “friendship fraud” that preys on older and vulnerable people who are in search of human contact.
TSB is reporting a rise in scams where criminals are using social media to befriend people before defrauding them out of thousands of pounds, often over lengthy periods of time.
The scam has…
Cyber fraud uses technology as the primary weapon. It is highly scalable and can be conducted from anywhere in the world.
- Phishing/Smishing/Vishing: Using deceptive emails (phishing), text messages (smishing), or phone calls (vishing) to trick victims into clicking malicious links or revealing sensitive data.
- Business Email Compromise (BEC): A high-value scam where a criminal impersonates a CEO or high-level executive via a “spoofed” email address to trick a staff member into making an urgent, unauthorized wire transfer.