They say love makes you blind, and apparently it makes us all dumb as well - or naïve at the very least.
According to Scamwatch, romance scams cost Australians over $38 million last year, with internet powered avenues accounting for just under $35 million of those financial loses.
Social media, mobile apps, the internet, and email make up the top four most popular avenues for scammers to lure their loves. These four are responsible for 88% of all reported cases, and 92% of financial loses stemming from romance scams. I guess when my parents said not to talk to strangers on the internet they had a point.
Catfishing is the most common form of romance scam, where a potential love interest may pose as someone else or entirely fabricate an identity in order to dupe victims. Usually the con artist will confess their love for the victim quickly before asking for money, bank details or gifts.
In some cases catfish have even been known to use victims to launder money by transferring products or money to them and then asking for the transfer to be passed on to another.
Despite ‘new media’ breaking hearts and banks, traditional approaches were still reported through the mail, text, calls, in person, and even nine poor lost souls were duped by fax. I mean, print quality isn’t great on fax machines so it may be easier to pass off a catfish.
February recorded the highest amount of reported cases and financial loses in 2020.
Between the cost of roses, teddy bears with hearts on them, and the $6 million that went on romance scams, Valentine’s Day expenses can add up quickly. Maybe being alone on the holiday isn’t the worst thing.
How to protect yourself from catfishing
While it's easy to get swept up in romance, being a cynic only hurts you emotionally and could save you a lot of financial heartache.
Look out for the main warning signs of a romance scam, such as:
- Limiting conversations to written word, phone conversations, or having an aversion to meeting up in person or showing their face
- Quick proclamations of love and affection
- Asking for money, gifts, or financial information
Be wary of potential lovers who you meet online that may be reluctant to meet in person, or video chat. This could indicate that the way they have represented themselves online is false.
If you suspect that this person may be using photos that are not their own you can always drag an image from their profile into the Google Search bar. The search engine can perform an image search and show you different places online where this photo exists. Look out for multiple names, profiles, and accounts that may connect to the same photo – it may indicate that something fishy is afoot.
Even if you truly believe a person is genuine, transferring money, giving away credit card, banking or any other financial details is ill-advised. Small gifts and transfers may not seem like much at the time, but con artists have been know to become aggressive and threatening as their demands become greater. They may withhold love and affection, or make threats to your physical wellbeing until you succumb to what they’re asking of you.
Lastly, even though we all want to believe in the whirlwind romance – keep your wits about yourself. Finding love online isn’t impossible, but if something feels too much, too fast, or too good to be true, it very well might be.
Find a better broadband plan
Thousands of broadband plans unpacked. All the facts. No surprises.
