With romance scams at an unprecedented level ahead of Valentine’s Day, Australians are advised to do their homework on any would-be suitors. 
According to the Australian Competition & Consumer Commission’s Scamwatch, there was a 30 per cent increase in romance scams reported for 2020, with over 3,500 scams inflicting losses of more than $37.2 million.
February has also become the biggest month for romance scam activity as affairs of the heart become avenues for life changing financial decisions.
With scammers evolving their tactics during the pandemic, Australians should be wary of unexpected introductions by phone, social media platforms and dating websites, says Leanne Vale, Director of Services and Financial Crimes for the Customer Owned Banking Association.
“Imagination can run wild when communicating online, but you should stay grounded and ask yourself ‘Is this real?
Is the person I am talking to the same person I am seeing on my computer or device camera?
Scammers want to know if you are worth their time and investment.
Hence, they learn as much as possible and determine which psychological triggers will work best.
Dating apps have opened possibilities to find love and companionship, but scammers look to hook you in and then move communications somewhere else.
If you believe you have fallen victim to a scammer, cut off communications, talk to a trusted friend or relative, and check the resources on Scamwatch.
It’s all about gaining control of your life and finances and the sooner you can do this the better.
- Also read:6 priceless investing lessons from influential billionaires
- Also read:Redefining Richness: Why Time Matters More Than Money
- Also read:Conquer Your Monsters: Busting the Top 10 Fears Holding You Back
- Also read:Booms, busts and investor psychology – why investors need to be aware of the psychology of investing
- Also read:10 BIG Benefits of setting up an SMSF or a Family SMSF
Contrary to perception, younger Australians are not exempt from romance scams. While 45 to 54-year-olds remain the largest target group, reported scams by 25 to 34-year-olds have increased by 38% in one year to become a major target group.
This also highlights the rise of social networking, which has become the biggest channel of scam activity.”
A fraud expert's advice
A former Australian Federal Police Officer, Mrs Vale is a leading expert on fraud and financial crimes with over three decades of experience.
Her top tips:
- Don’t share personal information with someone you haven’t met. From banking details to the most intimate photos, which can be used for blackmail.
- Check for catfishes by running an image search on your would-be suitor. Google or TinEye searches can often find the real alias.
- Look for glitches in the detail. For example, spelling mistakes, inconsistent stories, or never being available for a Zoom or Facetime call.
- Do a little homework on their background and where they live. Ask questions which test their local knowledge.
Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on
If you're wondering what’s ahead for property you are not alone.
You can trust the team at Metropole to provide you with direction, guidance, and results.
In “interesting” times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that's exactly what you get from the multi award-winning team at Metropole.
If you're looking at buying your next home or investment property here's 4 ways we can help you:
- Strategic property advice. - Allow us to build a Strategic Property Plan for you and your family. Planning is bringing the future into the present so you can do something about it now! This will give you direction, results and more certainty. Click here to learn more
- Buyer's agency - As Australia's most trusted buyers’ agents we've been involved in over $3.5 Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective - that's something money just can't buy. We'll help you find your next home or an investment-grade property. Click here to learn how we can help you.
- Wealth Advisory - We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
- Property Management - Our stress-free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years, and our properties lease 10 days faster than the market average.
