Valentines Day is a time for love, romance and, in my case, flaunting tradition by gifting a pineapple plant because flowers give your girlfriend hayfever.

Here at Pensions Age, cheerful bunch that we are, we’ve been reflecting on how the possibility of a bit of romance can impact savers’ retirement pots and how fraudsters use this to their advantage.

Data from Action Fraud indicated that 2020 saw a rise in romance scams, where a stranger uses a fake amorous relationship to line their pockets, with fraudsters nabbing more than £68m from unfortunate victims.

Separate research from Aviva found that 14 per cent of people said they have been victims of romance scams and, while people aged between 25 and 34 are most likely to admit to being fleeced in this manner, older savers are often duped into dipping into their pensions for mysterious online love interests.

Aviva group financial crime risk director, Peter Hazlewood, said: “Recently, we’ve spoken to older customers who appear to have been targeted through online gaming forums, where they form friendships with people with whom they regularly play games like chess or backgammon.

"These victims are looking to drawdown on their retirement savings to, seemingly, give it to fraudsters.

“In a situation like this, where we have suspicions without evidence of fraud, we work hard to do whatever is in our power to protect our customers and their savings.”

Of course, this seems like something to be particularly aware of due to the circumstances we now find ourselves in, with older people even more likely to be diligently sticking to shielding rules because of their higher vulnerability to Covid-19.

People are locked away in their homes, with many undoubtedly feeling lonely as they miss the socialisation of pre-lockdown life and so an increase in the number of people turning to the internet to meet friends and enjoy some seemingly harmless chat is inevitable.

Just over 34 per cent of victims who admitted being duped to Aviva said they had been targeted since March, suggesting that the pandemic has indeed created a breeding ground for these kinds of cons.

Online dating apps and video calls of course mean that romance does not have to be on hold during the pandemic, but, given the increased risk of running into nefarious actors online, it seems clear that we must all exercise romantic vigilance in these times.

Both Action Fraud and Aviva have outlined a number of red flags for romance scams, including having only met a person online, your new online friend residing in another country and being asked to pay for medical or travel costs.

Additionally, Action Fraud recommends that you get in contact if you suspect you have been a victim of dating fraud.

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