Valentine’s Day is upon us and for many it’s a day of celebration; those without a date, however, may find themselves braving the scary world of online dating in an effort to find ‘the one’. This is not without risk, however; according to a recent report by Lloyds Banking Group, romance scams are on the rise, having increased by 30% in 2022. While this is alarming, it comes as no surprise given that scammers are able to target an increasing pool of people across dating apps and social media; the former, for example, had an estimated 366 million users as of last year. Significantly, scammers’ efforts have also been facilitated by the ease with which they can profile and research their victim, allowing them to target the victim more effectively.
It has been reported that victims of romance fraud lost an average of £8,234 last year. While this is a significant financial loss in itself, against the backdrop of a cost of living crisis the impacts are more damaging than ever before. Significantly, men are increasingly finding themselves falling victim to romance scams as they now account for 53% of victims, up from 39% in 2021. These scams are also disproportionately affecting those aged between 65 and 74, with victims in this age group losing approximately 50% more than the average victim.
You might be thinking about what this means for you. As a leader in the fight against financial crime, here at Themis we want to normalise the importance of due diligence in daily life. We help companies apply due diligence when it comes to business, assessing the risks and potential red flags for them before they jump into something new and we recommend you do the same in dating by keeping an eye out for the following warning signs:
As an individual, it is important to not be clouded by the prospect of love and to remain vigilant when getting to know your love interest. Themis Search is a screening tool that can be utilised to vet your prospective date and minimise your chance of being swindled of love or even money. A quick search of their name reveals, though hopefully not, any criminal convictions, sanctions, or adverse media against them.
If you help run a dating app, Themis Search is a valuable tool that can be implemented into your platform to screen users for involvement in financial or related crimes. By doing so, it minimises the chance of love-seekers falling for fraud-seekers and strengthens your app’s chance to be a cupid for lucky pairs.
The risk map below was made via Themis Search and reveals the law enforcement that has been reported against two romance fraudsters. With a quick name search of Fredrick Diji, it revealed his lead involvement in a 16 year fraud scheme involving 80 victims and a total of £400,000 that was scammed out of the victims’ pockets. He worked with Raquel Johnson, initiating contact with his victims on dating apps by using fake profiles and texting and calling them, leading his victims to believe they were involved with a genuine person. By ‘love bombing’ his victims, he quickly built up rapports and would soon after request money for a variety of false reasons. He would provide fraudulent evidence that legitimised his stories and promised the victims that the loaned money would be reimbursed.
Lambeth-based Diji was sentenced to eight years’ imprisonment alongside his co-defendant Johhson who was sentenced to three years and nine months in December 2022. This case is just one example of the financial impact romance scams can have on the lives of love hopefuls and exemplifies the importance of conducting a simple due diligence check of your next date.
Be diligent and know that at Themis, we are here to help you protect yourself against financial crime.
Stay on top of the ever-changing financial crime landscape by accessing the latest information on emerging criminal techniques and the risks associated with carrying out business with particular industries or in particular jurisdictions.
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We’ve handpicked a selection of standout books our team discovered over the summer—perfect picks to kick off the “back-to-school" season. These compelling reads offer deep insight into financial crimes, the systemic vulnerabilities they exploit, and their far-reaching consequences.
AI is fast becoming a high-ROI tool in financial crime and compliance. From cutting costs and boosting efficiency to enhancing resilience, strategic AI investments are helping CFOs do more with less - transforming risk management and unlocking new value across the financial sector.
The UK’s latest National Risk Assessment (NRA) reveals how money laundering and terrorist financing are evolving—and how the UK is fighting back. A vital guide for AML policy, it arms businesses with intelligence to spot risks and stay protected.
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Many clients have heard of the OFAC 50 Percent Rule but aren’t sure how it affects them. It’s far-reaching, with hidden sanctions risks. This post explains the rule, why it demands deeper due diligence, and steps to identify and mitigate those risks.
In June, the EU removed the UAE from its list of high-risk jurisdictions from an AML perspective, signaling growing international confidence in the country’s financial crime oversight.
New updates to the Land Conversion and Financial Crime Risk Assessment link environmental harm to financial crime. Cattle rustling in Nigeria and Cameroon is now red-rated, with added risks on carbon credit fraud, child labour, mining corruption, and gold smuggling.
An overview of modern slavery, distinguishing between human trafficking, smuggling, and forced labor. It highlights the global prevalence of exploitation and the importance of understanding these definitions to combat such crimes.
Dubai’s $160B foreign-owned real estate market faces money laundering risks. The UAE now requires reporting of property deals over AED 55K via REAR. Criminals like Daniel Kinahan have exploited property to hide illicit funds, underscoring the need for strict compliance.
Examines how digital platforms and cryptocurrencies facilitate human trafficking, allowing traffickers to operate anonymously and at scale, posing challenges for law enforcement.
Investigates how sanctions intersect with trade-based financial crimes in Hong Kong, highlighting the complexities businesses face in navigating regulatory compliance.
Financial crimes cause more than economic harm—they hit mental health too. UK data shows 60% of fraud victims face distress; Ghana research links corruption to anxiety and depression. This blog calls for tackling both psychological and financial impacts.
Environmental crime worsens gender inequality, driving violence, trafficking, and hardship for women—especially in regions like the DRC and Peru. Women defenders face abuse, and climate change deepens risks like water scarcity, child marriage, and health threats. Tackling these crimes is key to protecting women’s rights and safety.
AI is transforming financial crime prevention—improving detection, reducing costs, and streamlining compliance. Generative AI and graph networks boost due diligence, while ethical, human-guided use counters criminal misuse. Themis champions tech-human collaboration.
Explores the application of fuzzy logic in Anti-Money Laundering (AML) systems, emphasising its role in improving name-matching accuracy and reducing false positives, thereby enhancing compliance efficiency.
This book focusses on the challenges faced by law enforcement in North West USA and in British Columbia to combat illegal logging, as well as those of the timber-industry communities established since the late 19th century to maintain meaningful and financially viable lives.
The FATF has highlighted the UAE’s progress in fighting financial crime. Its third enhanced follow-up report upgraded three recommendation ratings for the country, marking a step forward in meeting international standards.
Lebanon’s economic collapse, fuelled by debt, corruption, and instability, has led to hyperinflation and greater financial crime risk. In Oct 2024, the FATF grey-listed Lebanon. The country pledges a two-year reform plan to boost transparency and restore investor confidence.
The UK treats profits from legal overseas cannabis businesses as criminal property under the Proceeds of Crime Act. Few cases qualify for exceptions, creating a legal grey area—so anyone handling such funds should proceed cautiously and seek legal advice.
The UK’s 2023–2026 Economic Crime Plan commits £400M to tackle money laundering, kleptocracy, and fraud, with reforms to Companies House, crypto, and sanctions. Progress is clear, but critics urge more urgency and funding. Success depends on public-private collaboration.
Suspicious Activity Reports (SARs) are key to fighting financial crime, with 42% of fraud found via tip-offs. Rising UK SARs and account freezes show their impact. Themis urges strong reporting systems and whistleblower protections to foster transparency.
Corrupt elites still exploit the UK property market via offshore structures and relatives to hide assets. Over 18,000 firms remain non-compliant. With cases of children holding luxury homes, Themis calls for tougher enforcement as new UK and FATF guidance target transparency gaps.
Corruption undermines sustainable development, financial integrity, and DEI. A Themis–Denominator study links lower corruption to higher DEI scores. Marginalised groups, especially women, suffer most. Promoting diversity and transparency is key to fairer societies.
Hindenburg Research accuses India’s Adani Group of fraud, alleging stock manipulation, shell firms, and nepotism—halving Gautam Adani’s net worth and shaking investor confidence. The case highlights how financial crime can roil markets and the need for strong due diligence.
Supply chain failures have linked firms like Inditex and Skechers to forced labour and reputational risk. The EU’s CSDDD will require large companies to address human rights and environmental harms. Themis offers tools to assess suppliers and fight modern slavery.
On World Wildlife Day and CITES’ 50th year, Themis reflects on tackling illegal wildlife trade—the 4th largest financial crime. Laws, AI, forensics, and global cooperation drive change, but shifting demand, like ivory to hippo teeth, shows challenges remain.
Puppy smuggling in the UK has surged post-pandemic, with organised crime exploiting demand and loopholes to import sick or underage dogs. Despite new laws, enforcement gaps remain. Themis urges buyer vigilance—tools like Themis Search can help spot breeder risks
Romance scams rose 30% in 2022, with victims losing £8,234 on average—especially men and those aged 65–74. Scammers use fake profiles and emotional manipulation. Themis urges due diligence in dating; tools like Themis Search can flag risks and help platforms protect users.
Crypto plays roles in both social good and crime—over $50M has aided Ukraine, but bad actors use it to evade sanctions and launder funds, notably via the UAE and Central African Republic. Themis calls for stronger due diligence and compliance to curb misuse.
The Russian invasion of Ukraine has heightened trafficking risks for women and children. Over 2.5M flee, with traffickers exploiting chaos, especially in Moldova, Poland, and Italy. The OSCE urges swift action to warn refugees of false offers and protect them.
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