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flag UK warns banks are failing to stop romance scams, costing victims £106M in 2024/25.

flag The UK's Financial Conduct Authority warns banks are failing to consistently prevent romance scams, despite opportunities to intervene. flag In 2024/25, victims lost over £106 million on average £11,222 each, with 85% of scams starting online via social media or dating sites. flag Many victims didn’t disclose the true purpose of payments, and some were pressured to borrow or sell assets. flag The FCA found gaps in detection, training, and aftercare, though some banks made multiple outreach attempts. flag It urged better monitoring, staff training, and compassionate support, highlighting that early intervention can disrupt fraud.

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