For some people, Valentine’s Day is a day of delights, for others a day of disappointment. For still others, especially older Australians, it can spell financial disaster.
The National Anti-Scam Centre is warning anyone looking for love online to beware of financial criminals luring them into investment scams.
Australians are getting better at spotting a romance scam – overall losses have nearly halved in the past year – but the numbers are still troubling. More than $40 million was lost in this category in 2023, according to the Australian Competition and Consumer Commission (ACCC).
Over-50s in danger
The ACCC found Australians aged 55 and older suffered the highest individual losses through romance baiting scams in 2023, with combined losses of more than $10 million.
Scammers target their victims through a range of online options, not just dating apps. They also operate on social media, fake websites and even gaming apps. They are usually after money, but will also use your data for identity theft.
“While the decline in annual losses indicates that coordination between government and industry is increasing community awareness and disrupting scammers, we are concerned that people are still losing an alarming amount of money to romance baiting scams,” said ACCC deputy chair Catriona Lowe.
“Online dating and social media connection is a common way to meet new people, but it also presents an opportunity for scammers to deceive people and take advantage of their trust.
“We are working closely with law enforcement to combat these scams and protect the public.”
What to look out for
It’s fine to look for companionship or love online, but it’s sensible to be aware of how scammers target their victims.
If you have ‘friended’ someone you don’t know on social media or met someone on a dating app, there are warning signs you could be about to be targeted by a scammer.
First of all, check their profile. If they are in military uniform, or unaccountably good-looking, do a reverse image search on their profile picture. That should give you a pretty good idea of where the photo came from. If it has been used across many profiles or doesn’t match the name, they are a scammer.
Other signs of a scammer are that they have only a few friends or followers, or only recently joined the social media platform.
If you have established an online relationship but they still refuse to talk to you via video, they’re probably a scammer. As well as outright refusal, they will make constant excuses as to why they have to cancel a planned meeting.
If you have begun messaging a new contact online and they start ‘love bombing’ you with how much they feel for you within weeks, be very wary.
Scammers will also often ask to move the chat to a messaging platform such as WeChat, Line or WhatsApp.
Gradually they will begin to talk about financial investments or opportunities to make money and will usually ask for a small amount of money to prove how easy it is.
As the scam progresses, the victim will be asked for more money. Often, they are told they need to ‘top up’ their account or must have a certain level of money in their account to keep the investment going.
Dodgy websites
Another popular scam is cloning websites. Scammers may pretend to be legitimate online sellers, but will steal your credit card details when you go to make a purchase.
Look out for odd-looking domain names, poor spelling and grammar, and always remember, if the price looks too good to be true, it probably is.
If in doubt, don’t check it out. There are plenty of legitimate online businesses out there that will act honestly.
What to do if you think you’ve been scammed
If you feel you are being scammed, don’t provide any personal details including your driver’s licence and passport, don’t feel pressured to invest and stop communicating with them.
If you have already given the criminal money, contact your financial provider immediately and talk to them about protecting your accounts.
If you believe your personal data has been taken, contact IDCare, which is a free, government-funded service that will work with you to develop a response plan and support you through the process.
You should also contact Scamwatch. They will take you step by step through the process of reporting a scam.
Even if you have lost only a small amount of money, Scamwatch uses your experience to remove scam websites, scam ads and contact details to protect others. It also uses emerging patterns to help improve protection measures.
Have you ever been approached online by a scammer? What did you do? Why not share your experience in the comments section below?
Also read: New scam relies on our lazy online habits
I received a WhatsApp message one night that was meant for someone else, so I sent a reply to say they had the wrong address. Within a short time I had received another message thanking me me for letting them know, but also going on to start a chat. I replied a couple of times but then became suspicious and stopped replying. When I showed these messages she very quickly said I had done the right thing in stopping, but what worried me was I had started communication with this women? without thinking about it. I was fortunate to not give any information or send any money.