Invest
Tinder, Viber users alerted to financial risks in swiping right
There’s been a huge jump in financial losses for Australians looking for love online in recent years, and prolific dating app users are being warned of fresh scams surfacing this Valentine’s Day.
Tinder, Viber users alerted to financial risks in swiping right
There’s been a huge jump in financial losses for Australians looking for love online in recent years, and prolific dating app users are being warned of fresh scams surfacing this Valentine’s Day.
The ACCC’s Scamwatch has given the warning to tech-savvy daters after it reported a 20 per cent increase in financial losses for 2018 from dating and romance scams, compared to 2017.
Scamwatch received almost 4,000 reports of dating and romance scams last year, and revealed that women are four times more likely to report having lost money to a romance scam, having reported total financial losses of almost $20 million last year alone.
While social media is the most common contact method scammers use, Scamwatch noted that losses reported where the scammer and victim met on an app have increased more than 300 per cent in the past two years, naming mobile apps such as Tinder, Viber and Messenger as culprit hosts.
People aged 45 to 64 were the most likely age group to report being affected by such scams, it was highlighted.
ACCC deputy chair Delia Rickard said scammers tend to go where the people are, and “in the dating world, that increasingly means on social media and dating apps”.
“Finding potential new love is exhilarating, but that can make it easy to miss the red flags that point to you falling for a scammer,” Ms Rickard said.
She warned those looking for love to “be careful if someone you don’t know makes contact on social media and presents themselves as a ‘too good to be true’ catch”.
“It’s likely they’ve done some research on you beforehand to find out things about you to create an instant bond.”
She urged tech-savvy daters to not give anyone money if they have only ever known the person online.
“It can pay to trust your head over your heart,” she said.
“Nearly all romance scammers will eventually reveal their intentions, which is getting your money.”
“You may think you love them and want to help, but they’ll just break your heart and deplete your bank account,” Ms Rickard said.
Romance scammers begin by establishing trust to form a relationship, then start making up stories about needing money to help cover costs associated with illness, injury, business expenses, duty or customs fees, legal costs, family costs and travel.
“If you have any doubts about someone you have met online or through an app, doing a Google search on their name and pictures can often reveal scammers,” Ms Rickard offered.
Spending
Moneysmart study reveals Gen Z women more concerned about finances than men
A new research conducted by ASIC’s Moneysmart has unveiled the heightened levels of stress and concern regarding finances and the cost of living among Australian Gen Z women compared to their male ...Read more
Spending
The cost of politeness: Aussies out of pocket by $1,350 due to 'awkward tax'
It's the time of year when Australians dive into their pockets for festive events and gatherings, yet a recent study by PayPal suggests that many are too polite, or perhaps too embarrassed, to ask for ...Read more
Spending
Aussies can ‘NAB Now Pay Later’ with the last major bank to embrace BNPL
NAB has become the latest bank to enter the BNPL market. Read more
Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. Read more
Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. Read more
Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. Read more
Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. Read more
Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. Read more
Spending
Moneysmart study reveals Gen Z women more concerned about finances than men
A new research conducted by ASIC’s Moneysmart has unveiled the heightened levels of stress and concern regarding finances and the cost of living among Australian Gen Z women compared to their male ...Read more
Spending
The cost of politeness: Aussies out of pocket by $1,350 due to 'awkward tax'
It's the time of year when Australians dive into their pockets for festive events and gatherings, yet a recent study by PayPal suggests that many are too polite, or perhaps too embarrassed, to ask for ...Read more
Spending
Aussies can ‘NAB Now Pay Later’ with the last major bank to embrace BNPL
NAB has become the latest bank to enter the BNPL market. Read more
Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. Read more
Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. Read more
Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. Read more
Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. Read more
Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. Read more