Aussies warned to be on alert for Valentine’s Day scam targeting lonely hearts

Scams are becoming more and more common in Australia with experts repeatedly warning of the growing threat to our digital lives and bank accounts.

With Valentine’s Day looming, the Australian Federal Police (AFP) is urging Australians to be cautious of a ‘pig butchering’ scam that seeks to take advantage of lonely hearts. 

Pig butchering, also known as ‘romance baiting’ is a manipulative and costly financial scam that targets potential victims with the promise of friendship and windfalls.

The AFP, now in possession of a seized pig butchering how-to manual, is warning people to be vigilant by informing the community about the tactics used to target the public.

Offenders usually spend time gaining their victim’s trust and then encourage them to invest in the share market, cryptocurrency, or foreign exchange currencies. They use fake sites which look like legitimate platforms to siphon the money off.

Acting Assistant Commissioner Cybercrime Command Chris Goldsmid said while traditional romance scams were often initiated on dating apps, pig butchering often starts with cold texting individuals on messaging apps.

“Pig butchering does not target individuals with the false hope of a relationship but instead initiates a conversation looking for friendship,’’ Goldsmid clarified.

“Scammers usually say the accidental messages are because of ‘fate’ or ‘divine will’.”

Goldsmid added that the pig butchering scam has four steps:

Packaging 

Displaying a well-polished and successful persona who has investments in cryptocurrency, the share market, or gold, the scammer will reach out to the victim saying they are looking for friendship.

Raising

The relationship escalates to a personal level where the scammer encourages the victim to share intimate photos and uses psychological manipulation telling them they need to take more risks in order to achieve their dream life.

Killing/Investment scam

The scammer openly displays their wealth and uses their replica investment platform to entice the victim to invest. The scammer will also provide fake statements to show how the investment is growing compelling the victim to give them even more money.

Cash out

When the victim refuses to invest more or wants to cash out, or after a period of time, the offender will move to cash out of the scam.

Goldsmid urged those who have fallen prey to this scam to not be embarrassed and come forward.

“My message is don’t be embarrassed. Alert your authorities, and think about telling your friends, family or community what happened,” Goldsmid said.

“The more others know about these unscrupulous scammers the harder it will be for them to target others.”

Cyber crime has become an unfortunate part of modern life with Scamwatch data showing $40 million was lost in romance scams alone in 2022, equating to up to $109,000 a day or an eye-watering $4500 an hour.

NAB’s fraud and cybersecurity experts recently highlighted the emerging scams to keep an eye out for in 2024 with NAB Manager Advisory Awareness Laura Hartley saying the ‘scamscape’ was constantly changing. 

These are the top six scams to watch out for this year: