ANZ has issued a warning to its customers about the potential for romance and dating scams as Valentine's Day approaches. Data from ScamWatch indicates that Australians lost over $40 million to such scams in 2022, though actual losses are likely higher since only 13% of victims report their experiences.
Ruth Talalla, ANZ Scams Portfolio Lead, stated: "Romance scams are some of the most common scams we see at ANZ, particularly around Valentine’s Day." She added that victims often experience both financial and emotional distress during this period.
ScamWatch data reveals that most victims of romance scams are under 44 years old and are targeted through social media or dating apps. While men fall victim more frequently, women tend to lose more money and maintain contact with scammers longer. The average loss for female victims is $16,809 compared to $13,611 for men, with some cases involving losses in the hundreds of thousands.
Scammers often use false identities and elaborate stories to manipulate emotions. They prey on individuals seeking love by sharing personal or emotional details—a tactic known as catfishing. Once trust is established, they may request money, personal information, gifts, or financial details.
"Scammers can come up with endless reasons to convince you to send them what they want," Ms. Talalla said. "If it seems too good to be true, it probably is."
To avoid falling victim to a romance scam this Valentine's Day, ANZ suggests keeping new connections within dating apps, never sending money or personal details to strangers, researching potential dates online, being cautious of inconsistent backstories, and being wary of anyone requesting money or financial information.
If someone suspects they have been scammed and have provided money or sensitive information, they should contact their bank immediately and report the incident to the ACCC via the ScamWatch website.
For further details, visit the ANZ Security Centre and ScamWatch websites.