As people seek love online, the National Anti-Scam Centre issues a warning about financial fraudsters using romance as a lure.
Despite a decrease in losses, romance baiting scams still resulted in over $40 million lost in 2023, with those from culturally diverse backgrounds being particularly vulnerable.
ACCC Deputy Chair Catriona Lowe emphasizes the deceptive tactics of scammers, who manipulate emotions to exploit victims financially.
Targeting individuals over 55, these scams involve befriending victims on dating platforms, then transitioning to encrypted messaging apps to discuss investment opportunities, often related to cryptocurrency.
To protect oneself, the advice is clear:
STOP – Refrain from sharing personal information or following investment advice from online acquaintances. Resist pressure to invest.
THINK – Question the identity of online contacts and verify their authenticity through internet searches.
PROTECT – Act swiftly if suspicious activity arises. Contact financial institutions if money has been invested, and report scams to Scamwatch to prevent further harm.
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