Authorities are urging Australians to be on the lookout for a new scam, targeting singles ahead of Valentine’s Day.
Data has revealed cybercriminals swindled tens of millions of dollars last year.
Police have retrieved a ‘how-to’ manual from scammers, which details the step by step process of a financial scam, labelled “pig butchering” or “romance baiting.”
Under the scam, scammers will cold text victims through a messaging app under the premise of friendship, then spend months or years gaining their trust, before encouraging them to invest in the share market or cryptocurrency.
They usually adopt the persona of a good-looking, wealthy, “usually Asian man or woman” who has cryptocurrency or share market investments.
Australian Federal Police Acting Assistant Commissioner Cybercrime Command, Chris Goldsmid said, “Over the course of months or years, the scammer will flaunt a lavish lifestyle and leave a trail of comments about their wealth, such as bragging about the value in their cryptocurrency wallets.”
“Once victims ask how they are making their money, victims are directed to a complete replica of an investment site that shows the growth of an investment.”
“When the victim sends money to invest, victims are provided weekly, monthly or yearly investment statements, that show continual growth in their investment. Often the victim provides even more money to invest.”
On average, Aussies lost $40 million to these scams in 2022, resulting in up to $109,000 a day, or $4500 an hour.
Police are urging individuals to remain alert leading up to Valentine’s Day, warning scammers may use the day as a promise of a meeting, or first date.
Mr. Goldsmid said, while financial gain was the objective / key motivation, some have also convinced victims to open bank accounts to facilitate money laundering, or traffic illicit drugs.
“Organised crime gangs are manipulating Australians to send money offshore, which could be bankrolling other serious crime.”
Anyone who thinks they’re a victim has been urged to report it to ReportCyber, or dial 000 if there is an imminent safety threat.
