Just as love is in the air and romance is on the minds of many, the Australian Federal Police (AFP) has issued a stern warning to those seeking companionship online.

The warning comes in the wake of a vicious scam known as 'pig butchering' or 'romance baiting', which has seen Aussies swindled out of millions of dollars.

This 'pig butchering' scam is a calculated and cruel scheme that targets lonely singles.

The scammer, often posing as a wealthy and attractive individual, usually of Asian descent, initiates contact with potential victims through a messaging app.

The scammer then spends months, sometimes even years, building a relationship and gaining the trust of their unsuspecting victim.

The AFP warned Aussies about a ‘pig butchering scam’ ahead of Valentine’s Day. Source: Monstera Production/Unsplash

AFP's Acting Assistant Commissioner Cybercrime Command, Chris Goldsmid, explained the scammer's modus operandi.

'Over the course of months or years, the scammer will flaunt a lavish lifestyle and leave a trail of comments about their wealth, such as bragging about the value in their cryptocurrency wallets,' he said.

Once the victim is sufficiently enamoured and curious about the scammer's wealth, they are directed to a fraudulent investment site.

This site convincingly shows the growth of an investment in the share market or cryptocurrency. The victim, believing they are investing in a lucrative opportunity, sends money to the scammer.

Mr Goldsmid added: ‘When the victim sends money to invest, victims are provided weekly, monthly or yearly investment statements that show continual growth in their investment. Often, the victim provides even more money to invest.’

According to the latest figures from ScamWatch, Australians lost an average of $40 million to romance scams in 2022.

This equates to a staggering $109,000 a day or $4,500 an hour.

With Valentine's Day around the corner, the AFP is urging people to be particularly vigilant. Scammers may use the promise of a first date or meeting as a lure, especially if they have previously asked victims for money.

But the damage inflicted by these scams isn't just financial.

Mr Goldsmid warned that some criminals have also convinced people to open bank accounts to facilitate money laundering or traffic illicit drugs.

'Organised crime gangs are manipulating Australians to send money offshore, which could be bankrolling other serious crime,' he said.

If you suspect you might be a victim of such a scam, the AFP urges you to report it to ReportCyber or to dial triple-0 in the event of an imminent safety threat.

You can also report to Scamwatch by visiting this website: https://www.scamwatch.gov.au/report-a-scam

We have several stories in the forum that warn against romance scams. We urge you to stay informed to lessen the risk of falling victim to one:

• Police issue urgent warning as Aussies lose millions to heart-wrenching romance scams!
• Surviving romance fraud: Brave victims help others avoid heartbreak and scams
• Celebrity romance scams are costing people thousands! Here's what you need to know

It's crucial to remember that prevention is the best defence against such scams.

Always be cautious when interacting with strangers online, never share personal or financial information, and trust your instincts. If something feels off, it probably is.

Key Takeaways

• Australian Federal Police have warned about a financial scam called 'pig butchering' ahead of Valentine's Day.
  
• Scammers target lonely singles through messaging apps, building trust over months or years before coaxing them into investing in fake businesses.
  
• Australians lost an average of $40 million to romance scams in 2022, with losses amounting to thousands per hour, according to ScamWatch.
  
• Authorities have highlighted the dangers of these scams, including potential involvement in money laundering or drug trafficking, and urged victims to report any suspicious activity to ReportCyber or Scamwatch.
  

Have you, or anyone you know, encountered a similar scam? Let us know in the comments below!

 

[Barbara V]

Why do people still go on these apps . There's been enough info on them that they are potentially dangerous

 

[Babbie]

Why do people still go on these apps . There's been enough info on them that they are potentially dangerous

I think it is loneliness, there is so much of it these days. I see it everyday in my line of work. Unfortunately, going 'on line' is not ideal, but I do know people who have met on line, married and very happy. Wealthy people don't need to go on line, they would have enough gold diggers hanging around. Talking about their wealth is the first red flag! If you get a chance watch a movie called "The Tinder Swindler". Based on a true story. It was very interesting human behaviour.