These days, more people find love online than by any other means. According to 2021 data from Statista, 3.2 million Australians are using dating apps such as Tinder, Grindr, Bumble and Hinge.
But this modern-day meet-cute can swiftly morph into a nightmare thanks to a trend known as romance baiting scams. A hybrid of romance and investment fraud, these scams leave victims not only heartbroken but also financially devastated.
Romance baiting scams have seen a significant uptick in Australia, with scammers exploiting online dating platforms and taking to social media to ensnare their victims.
Investment scams are a popular and lucrative tactic used by scammers, accounting for just under 20 per cent of scam cases, but close to 50 per cent of all scam losses.
Here’s how it typically works: the scammer creates a fake profile on a dating site or social media platform to lure a potential love interest. Once someone has taken the bait, they will work hard to nurture a relationship, gradually gaining their trust and affection.
Once the target is emotionally invested, the scammer introduces the notion of a lucrative investment opportunity. With trust established, the victim feels confident transferring money to someone they believe has their best interests at heart, only to later realise they have been duped by a con artist.
Such was the case of Tracy Hall, the subject of the viral podcast series Who the Hell is Hamish?
After months in a committed, serious relationship, McLaren persuaded Hall into giving up $317,000, her life savings, in what turned out to be an investment scam. Documenting her story in a book, The Last Victim, Hall is on a mission to educate others on the red flags that appear pink when you’re wearing rose coloured glasses.
Ben Young, Westpac's Head of Fraud Prevention, explains that scammers are becoming increasingly creative in their tactics. "They pose as someone interested in a romantic or even platonic relationship and then provide investment advice, appearing to have no ulterior motive," says Young.
"These criminals use sophisticated tactics and emotional manipulation to exploit individuals seeking companionship."
To protect yourself from romance baiting scams, it is crucial to be aware of the warning signs and take preventive measures. Be cautious of online relationships that quickly profess love or ask for money. Verify their identity by conducting a reverse image search of their profile pictures and looking for inconsistencies in their stories. Consult with trusted friends and family before making any financial decisions and report suspicious activity to ScamWatch and your financial institution immediately.
What to watch for and what to do next
Young gives the red flags to look out for when approached online about investments.
• Only meeting online or chatting on the phone: Scammers typically communicate through messaging platforms and avoid video calls or in-person meetings. They may send photos or spend long hours on the phone, but having time to chat doesn’t mean they have your best interests at heart. If they send pictures, you can complete a reverse image search on Google to check if they have used other people’s photos to fake their identity.
• Unrealistic returns: Many scam victims are promised returns that seem too good to be true. Before investing any money, check the rate you are being offered against general market offerings. For instance, if they recommend a term deposit with a 6% or 8% return, use comparison sites to compare it with rates offered by banks and other providers, which may be closer to 4%. Such discrepancies are red flags.
• Send money to release money: Legitimate investment schemes will never require you to pay a fee to access your earnings. Many victims fall for this tactic, as the amount requested to release funds often seems small compared to their perceived investments, but it is throwing good money after bad.
Marina Gainulina (she/her) is a Content Producer for Westpac Wire. Graduating with a Bachelor of Communications & Media (Journalism) degree, Marina has spent a decade as a lifestyle journalist and luxury marketer, crafting commercial and editorial content for global brands including Tiffany & Co., Hugo Boss, NIVEA and GRAZIA.
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