Online Dating Scams Are Costing Lovesick Aussies More Than $25 Million A Year

The ACCC and some state government agencies use financial intelligence to identify potential victims and advises them via letter that they may be the target of a scam. Nevertheless, it remains the victims’ responsibility to disengage from the romance scam.

Banks and money remitters use fraud detection tools to proactively detect unusual transactions. They will routinely call customers to verify transactions, determine the purpose of transactions that they suspect are fraudulent, educate customers, or halt transfers. Again, it’s the victim’s responsibility to disengage from the romance scam.

Government and the private sector also work together. In 2016, the ACCC began a pilot program with companies from the banking and financial services industry, telecommunications sector, and social media companies such as Apple and Facebook, to share information and insights to improve scam prevention.

So while ‘Love lifts us up where we belong’, the best prevention still comes down to individuals being far more cautious in matters of the heart online. Education and awareness remain vital to countering these kinds of online romance scams. The best advice is, be careful what you share online and on social media. Don’t accept invitations from people you don’t know. And don’t send money to someone you’ve never met in person.