Don’t let scammers take advantage of your heart or your wallet this Valentine’s Day

ANZ is urging customers to be wary online in the lead-up to Valentine’s Day, as cyber-criminals look to exploit Australians through romance and dating scams.

According to Scamwatch, romance scams cost Australians over $23.6 million in 2024, which was the second-greatest annual loss behind investment scams ($192.3 million).

While the largest demographic of Australians affected by romance scams is the over 55s age group, romance scams impact a wide range of people and are prevalent across all age groups.  

ANZ Scams Portfolio Lead, Ruth Talalla said: "Romance scams are one of the most common types of scams and they are particularly prevalent around Valentine’s Day, as cyber criminals take advantage of the heightened emotions of the season. These scams often leave victims in both financial and emotional distress, which is why it’s crucial to stay vigilant and recognise the red flags.

"Regardless of age or background, anyone can fall victim to sophisticated romance scams. Scammers are experienced criminals who know how to manipulate people to their advantage, so it is important not to feel embarrassed if you find yourself targeted.

“By understanding the various types of scams and how cyber criminals manipulate human emotions, customers can better protect themselves this Valentine’s Day. Stay informed, stay safe, and remember – if it seems too good to be true, it probably is."

Scammers typically use false identities and elaborate backstories to play on emotional triggers. They take advantage of people looking for love by revealing personal or emotional details about themselves – commonly referred to as catfishing.

Men are more likely to fall victim to romance scams, but women are losing more money, with over $13.6 million taken from female romance scam victims in 2024.

Once these criminals have gained the trust of their victims, they may ask for money, personal details, gifts or financial information.

Romance scam red flags:

1. First impressions: Be cautious if their profile has limited personal information or few connections and interactions. A small online footprint can be a warning sign.
2. Do your research: Check if their profile or alias has been flagged by other scam victims. Search their name with the word "scam" or reverse search their profile images to ensure they aren't stolen.
3. Saving face: Scammers often avoid video calls or in-person meetings and may suggest moving conversations to private messaging apps. Be wary of these excuses.
4. Keep your heart close and your wallet closer: Scammers aim to get your money. They might ask for it directly or subtly, like requesting funds to visit you.
5. Trust your gut, not your heart: Look for inconsistencies in their stories and online information. If something feels off, it probably is. Remember, if it seems too good to be true, it might be a scam.
6. Sharing isn’t always caring: Protect your personal information. Never share passwords, one-time codes, card numbers, or PINs, and don't allow remote access to your devices. A genuine partner won't be interested in your bank account details.

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