Protect your heart and wallet from Valentines Day scammers

“The customer visited us to advise he would be making a $12,000 transfer later in the week,” Mr Wang said. “Thankfully, our team asked some questions and learned he was paying the money to save his ‘wife’ who was stuck overseas and needed a ‘green card’ for her release and entry to Australia.”

Having met his ‘wife’ online, she told the customer she could not physically access money from banks in the country where she resided. Instead, he was asked to transfer the money and deposit it under the guise of ‘family’ on the online HSBC transfer request.

“Immediately suspicious, the team escalated the matter to me. After looking into the details, there were several factors indicating it was a scam,” Mr Wang said.

“We were concerned as a ‘green card’ is not an Australian term, and the amount of money was significant. When we asked the customer about his connection to the person, he was honest and told us he had never met her in person and was told what to say to branch staff - scammers often coach their victims in this way in an attempt to not raise suspicions.”

Luckily for the customer, the scam was averted before they lost a significant amount of money. The scam was an example of a ‘romance scam’. These scams work by exploiting your emotions. Fraudsters set up fake profiles on dating websites, apps and social media. They try to appeal to your compassionate side and then ask for money.

According to the ACCC's Scamwatch, romance scams were the second most common scam in 2024 with over $23 million in reported losses¹.

There are a number of warning signs people should look out for when looking for love online. People should familiarise themselves with these to ensure that unscrupulous scammers don’t steal their heart or their hard-earned cash:

1. Rapid emotional attachment: Be wary of relationships progressing too quickly online, especially if they push for personal information or financial support prematurely.
2. Avoiding face-to-face meetings: Scammers often avoid in-person interactions; be cautious if your online connection consistently makes excuses to meet or delays face-to-face encounters.
3. Requests for money: Scammers may fabricate emergencies or hardships to manipulate your emotions and solicit financial assistance. Never send money to someone you've only met online.
4. Encourage you to lie to your bank: A scammer will often ask you to lie to your bank to give them a better chance of the payment not causing suspicion. Scammers will often coach their victim in how to respond to questions that may be asked. Do not lie to your bank when they ask about the payment, who it is going to, if you have met the person before or if you have been asked to lie. Telling the truth gives the bank the best chance of protecting your money, and you recovering money if you do end up being the victim of a scam.
5. Inconsistencies in stories: Pay attention to inconsistencies in the information shared. Scammers may use different personas across different victims, with conflicting details.
6. Refusal to video chat: Genuine individuals are typically open to video calls. If your online connection consistently avoids video interactions, it could be a red flag.
7. High-pressure tactics: Scammers often use urgency or emotional manipulation to pressure victims into quick decisions. Take your time and remain skeptical of requests that seem overly urgent.
8. Unrealistic photos: Be cautious if the person's online photos appear overly polished or seem too good to be true. Scammers often use stolen images from other profiles.
9. Seeking irrelevant personal information: Scammers will be after your information in addition to your money. Avoid sharing sensitive information, such as your address or financial details, with someone you've only met online.