PYMNTS – Reports of romance fraud in the UK rose 9% in 2024–2025, costing victims ~106M, according to a new review by the Financial Conduct Authority. The FCA said banks, payment firms, and online platforms must step up detection and prevention, as 85% of such scams begin online. It urged greater user education, stronger anti-fraud systems, and closer cooperation between financial and digital platforms to curb losses.
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