Romance the top scam in Australia

AUSTRALIANS BEING SCAMMED BY FALSE PROMISES OF LOVE

HOW MUCH ROMANCE SCAMS COST AUSTRALIANS

* $27.9 million

* Up by more than 10 per cent in 2014

* No.1 scam in terms of financial losses

* $75,000 lost every day

HOW MUCH INDIVIDUALS LOST

* More than $27,000 on average

* A third of victims lost more than $10,000

* 81 victims lost more than $100,000

* Seven lost more than $500,000

THE TIP OF THE ICEBERG

* Makes up only three per cent of all scam reports

* Money lost by 1032 people

* Another 1465 contacted by scammer, but didn't lose money

* Many victims reluctant to admit they fell for a scam

HOW ROMANCE SCAMMERS MEET THEIR VICTIMS

* Almost 30 per cent through social media channels

* Almost same as contacts on dating websites

* Also use email and regular mail

* Equally target men and women

* 45-64 the most affected age group

WHAT THE ACCC WANTS SOCIAL NETWORKING SITES TO DO

* Provide warnings about sending money to people met online

* Behind-the-scenes work to identify scammers

* Help keep scammers off

TIPS TO PROTECT YOURSELF

* Be careful about how much personal info you share

* Search admirer on Google Images - they often use fake photos

* Be wary if moved off dating website - scammers prefer private emails/phone to avoid detection

* Watch for spelling and grammar mistakes, inconsistencies in stories, multiple excuses for why they need your money

* Never send money to someone met online, especially via money order, wire transfer or international funds transfer

* Never provide financial details

* Never share photos/videos of a personal nature - scammers use them to blackmail you

* Get advice from friend/relative before sending money

IF YOU THINK YOU'RE BEING SCAMMED

* Contact bank or financial institution immediately

* Report it to www.scamwatch.com.au

* Tell social media/dating site

Source: Australian Competition and Consumer Commission. Data for 2014.