13 February 2024
Love is in the air, but so are scammers looking to exploit the season of hearts and flowers.
As Valentine’s Day approaches, the Australian Banking Association (ABA) urges everyone to be extra cautious and scam-proof their heart from romance scams and other fraudulent schemes.
“Scammers play the part and prey on people’s emotions,” ABA CEO Anna Bligh said.
“These digital Romeos and Juliets have highly sophisticated teams behind them crafting captivating online profiles and showering potential victims with compliments and promises of forever.”
“They may not be the happy ever after Prince or Princess they claim to be.”
Data from the National Anti-Scam Centre shows Australians lost over $30 million to dating and romance scams in 2023. Romance scammers often target individuals who are seeking companionship and once trust is established, they begin to concoct elaborate stories requiring financial ‘assistance’ or investment schemes, before draining their victim of their hard-earned money. Often, these scammers will continue to find excuses as to why they can’t talk to the victim in person, hiding behind a fraudulent profile or fake identity.
Warning signs to look out for:
- too good to be true profiles with limited information or inconsistent details
- rapid declarations of love within days or weeks of meeting
- reluctance to video chat or meet in person
- urgent financial requests, often accompanied with emotional stories, promising returns and tight deadlines
- pressure to use unconventional payment methods such as gift cards, cryptocurrency, and money transfers.
“In the digital age, romance scams have become increasingly sophisticated, and individuals must be proactive in safeguarding themselves from potential threats,” Ms Bligh said.
“Trust your instincts. If something feels off or too good to be true, it probably is. “Never share financial information or send money to someone you haven’t met in person and report suspicious activity if you think you have been targeted.” said Ms Bligh.
“Stay safe this Valentine’s Day.”
For more information and resources on how to avoid scams, please visit https://www.ausbanking.org.au/for-customers/scams/
Latest news
Ali Moore Well, if you’ve got a HECS or HELP debt, what happened if you’ve been to your bank and you’ve asked for a home loan, how much of a difference has it made to what you’re able to borrow? And what are the options for treating student debt differently? Anna Bligh is the CEO… Read more »
Chris O’Keefe When it comes to cash, 424 bank branches have closed, or 11% of Australia’s overall branches. This included 122 branches in regional and remote areas plus a further 718 ATMs were shut down or removed during the same period. So they make it hard for us to use cash, both businesses and banks,… Read more »
Jenny Marchant Your biggest cost is probably your rent or your mortgage, and they’re probably also the bills you’ll move heaven and earth to pay if you have to, because we all need somewhere to live. But the number of mortgage holders struggling with payments is increasing. If you find yourself in that position in… Read more »