Valentine's Day scams set to cost Aussies $10 million this year

Australians are being urged to be on alert this Valentine’s Day as romance scams are predicted to spike.

New data from ANZ’s scams unit revealed nearly 550 romance scams were reported in the past 12 months, resulting in $10.25 million being sent to online scammers.

The data also shows that more money was scammed from females, with Australian women sending an average of $589,000 to scammers each month, compared to $265,000 being sent by men.

ANZ Cyber Security expert, Marc Broome said: “We’ve been tracking the data closely over the past 12 months and have seen peaks around Valentine’s Day and Christmas, when people may be more vulnerable to scammers.

“We’re encouraging Australians to educate themselves in the lead up to Valentine’s Day to protect themselves, their friends and family members from scammers, and avoid the long-lasting financial and emotional impact that can result from these scams.”

Mr Broome also warned that scammers were becoming increasingly sophisticated in their approach, often using false identities to form online relationships with victims over a period of weeks or months, and sending gifts or making promises to visit.

ANZ’s top tips for protecting yourself against a scam:

Personal information tips

Pause before sharing your personal information and be wary of requests for money. Never send money or give credit card details, online account details, or copies of important personal documents to anyone you don’t know.

Flags to watch out for

Be alert to things like spelling and grammar mistakes, inconsistencies in their stories and other signs, like a camera never working if you want to Skype each other.

Images are telling

Do an image search if you’ve been provided with a photo by a romantic partner use sites such as Google Images or TinEye to check out if the person is who they say they are .

Trust your instincts

Call out suspicious messages – if it doesn’t feel right, call it out. Always consider the possibility that the approach may be a scam. And remember scams can happen to anyone, so it’s important to talk to friends and relatives who can offer support and help before things go further.

If you think you, a family member or friend have been scammed, report it immediately to the Australian Competition and Consumer Commission (ACCC) and contact your bank or financial institution immediately.

For simple tips that can help protect your personal information, visit ANZ Cyber Secure.