Be cautious not to โswipe rightโ into scams as Valentineโs Day approaches. Researchers atย Tenableยฎ, Inc., the exposure management company, warn that romance scams continue to be the biggest consumer threat today. Romance scams in Australia cost victims nearlyย $35 millionย in reported losses in 2023. However, these figures are likely just the tip of the iceberg, as theย Australian Competition and Consumer Commissionย (ACCC) estimates that only 13% of scams are ever reported, with many victims feeling too embarrassed or ashamed to come forward.
Scammers exploit dating apps and messaging platforms to target victims looking for companionship. Unsurprisingly, scammers are now leveraging generative AI to refine their messages, making their deception more convincing than ever.
โMany of these scammers operate from overseas and donโt speak fluent English,โ said Satnam Narang, senior staff research engineer at Tenable. โAI helps them craft sophisticated, emotionally compelling messages that make their scams more believable and harder to detect.”
Romance scams affect people of all ages and backgrounds, but elderly individuals, former military personnel, and those seeking financial arrangements are among the most vulnerable. Scammers deploy various tactics, from impersonating service members using stolen photos to orchestrating fake โsugar mummy and daddyโ schemes, luring victims into fraudulent financial transactions. Others entice victims into adult video chats that require paid registrations, generating illicit profits in the process.
The most dangerous form of romance scam today is โromance baiting,โ previously known asย pig butchering. In these long-term cons, scammers establish fake relationships to build trust before convincing their victims to invest in bogus cryptocurrency or stock platforms. This method has now overtaken other romance scams in terms of prevalence and financial impact.
โPeople have lost their life savings to romance scams, and itโs heartbreaking,โ said Narang. “Victims are often blamed for falling for these schemes, but these scams are highly manipulative and exploit vulnerabilities that anyone could have.”
Recovering stolen funds is notoriously difficult, particularly when cryptocurrency is involved. To make matters worse, scammers often double down by targeting victims again, posing as recovery agents who promise to retrieve lost fundsโfor a fee.
The best defence is scepticism. If someone youโve never met in person asks for money, whether for a sudden emergency, a business opportunity, or an investment, consider it a major red flag. If you believe youโve been scammed, report the crime to your local law enforcement and cybercrime authorities immediately.
