Romance Baiting Scams On The Rise
A Romance Baiting Scam Is A Scam Where The Lure Is The Romance Then It Flips To A Fake Investment Scam When a caller claims to have a promising investment opportunity that will help you get rich quick, it's likely a scam.
Australians reported a record-breaking $37 million lost to Scamwatch last year for dating and romance scams. Total losses are expected to be much higher and scammers are now using dating apps Applications or Apps
An application (software), commonly referred to as an ‘app’ is a program on a computer, tablet, mobile phone or device. Apps are designed for specific tasks, including checking the weather, accessing the internet, looking at photos, playing media, mobile banking, etc.
Many apps can access the internet if needed and can be downloaded (used) either for a price or for free.
Apps are a major point of vulnerability on all devices. Some are designed to be malicious, such as logging keystrokes or activity, and others can even transport malware.
Always be careful about any app you are thinking about installing. to lure victims into investment scams When a caller claims to have a promising investment opportunity that will help you get rich quick, it's likely a scam..
This is also happening throughout Asia – from Vietnam, Malaysia, and most other Asian countries. There are hints that this is developing in Latin America also.
The New Technique
This new technique, called “romance baiting,” involves scammers meeting people on dating apps or social media and then moving the conversation to an encrypted chat site (such as WhatsApp.) After a few weeks of developing a relationship, the scammer will begin asking about the victim’s finances and encourage them to participate in an investment opportunity (of course it is an investment scam or fraud.)
“These scams prey on people seeking connection and can leave victims with significant financial losses and emotional distress,” ACCC Deputy Chair Delia Rickard said.
“While traditional dating and romance scams tend to target older people, almost half of all losses to romance baiting scams come from people under the age of 35.”
Scammers often encourage victims to initially transfer a small amount of money to prove how easy the investment is.
Victims will be told to top up their accounts to increase their profits but when they run out of money to transfer, the scammer will cease all communication.
Last year the Australian Scamwatch received over 400 reports of romance baiting scams with over $15.2 million in losses and the majority involved cryptocurrency investment scams.
SCARS is also seeing many victims in Southeast Asia reporting these exact type of scams
“Don’t take financial advice from someone you met on an app and never give financial or personal details to someone you’ve only met online,” Ms. Rickard said.
Scammers may use a technique called ‘love bombing’, where they contact the victim several times a day professing their feelings for them (known more correctly as an Amygdala Hijack.) The victim starts to develop feelings in return, making them more likely to participate in the investment scam.
“If you match with someone on a dating app or social media, get to know them in the app as you have more protections than if you move to a different chat site.”
For example, if someone reports a potential scammer on a dating app, the profile can be removed. Other people currently communicating with the scammer on the platform are then protected by the removal of the scammer’s profile (until the scammer creates a new one.)
“Remember that you are in control and if you start to feel pressured by someone, stop communicating with them,” Ms Rickard said.
“You can also do an internet search with the name or photo of your love interest or some of the phrases they have used to help identify if it is a scam.”
If you have been the victim of a scam, contact your bank as soon as possible and contact the platform on which you were scammed to inform them of the circumstances. Also be sure to read our Three Steps for New Victims.