Scams Are On The Rise

Last year, according to Scamwatch, more than $40 million in fake investments was swindled from individuals in Australia using dating platforms and social media. Scammers masquerade as genuine individuals seeking relationships, and invest considerable time, building trust over weeks or months. Eventually, they can coax victims into ‘investing’ their funds into deceptive ‘opportunities’, resulting in considerable financial loss and emotional distress.<1>

Protect yourself and stay safe! Here are some useful tips from Scamwatch:

  • STOP – Don’t give personal information or act on investment advice from someone you have only met online. Don’t feel pressured to invest. If you have any doubts, stop communicating with them.
  • THINK – Ask yourself whether you really know who you are communicating with. Online scammers use different profile pictures and lie about who they really are. Do an internet search of the person’s name, or do a reverse image search with their photo, so as to better ascertain who they really are.
  • PROTECT – Act quickly if something feels wrong. Contact your bank immediately if you have invested money. Help others by reporting scams to Scamwatch.

<1>Digital Nation Australia. (2024), Romance scams see $40 million lost in 2023.