The Romance Scam

Australians, in particular women, are risking more than just a broken heart when it comes to finding love online. Romantic relationship scammers are on the rise causing emotional trauma, financial destitution and even homelessness. 

According to the ACCC, in 2020 Australians reported a record-breaking $37 million lost to Scamwatch for dating and romance scams. However this number is expected to grow as scammers are now using dating apps to entice victims into investment focused scams.

“These scams prey on people seeking connection and can leave victims with significant financial losses and emotional distress,” ACCC Deputy Chair Delia Rickard said.

“While traditional dating and romance scams tend to target older Australians, almost half of all losses to romance baiting scams come from people under the age of 35.” 

ACCC also reported that, whilst traditional romance scams involve victims transferring their own money to the scammers, unknowingly being used as a mule for money laundering is also becoming increasingly common. 

For this reason, police are warning that victims can still be held accountable for stolen funds, meaning that victims could also face jail time. This is obviously a big concern, and so making sure that Australians are educated and have the correct preventative measures in place to protect their finances is essential. 

Experts recommend that you meet the person you are involved with in-person, and as a golden rule ‘you should never give them any financials, any money for stocks, no matter how good their excuse is’ said Ms Rickard. 

Finding love can be hard, but losing your financial stability and potentially facing jail time would be much harder, therefore it is essential that when looking for love online you always put yourself first.