Government Sounds Alarm:

The Albanese Government is urging Australians to stay alert to the threat of romance scams. These scams, which have cost Australians nearly $35 million in 2023, prey on individuals seeking love and companionship. Exploiting emotions, scammers operate through social media and dating apps, often luring victims into fraudulent investment schemes, which have led to an additional $40.6 million in losses.

Romance scams particularly affect those over 55 and individuals with disabilities, highlighting the need for vigilance. The government advises Australians to beware of certain red flags: scammers often avoid in-person meetings, claiming to reside overseas or interstate, and fabricate stories of personal hardship.

Once trust is established, they request financial assistance for various crises.

To combat these scams, the Albanese Government has established the National Anti-Scam Centre, leading to a 42% reduction in scam losses in the last quarter of 2023 compared to the previous year. Notably, cryptocurrency scam losses have decreased by 74.3% to $12.4 million, bank transfer losses by 31% to $40.2 million, and social networking scam losses by 22.4% to $15.9 million.

Despite these positive trends, scams remain a significant risk. The government is working on implementing stringent industry codes for banks, telcos, and digital platforms to bolster consumer protection. Assistant Treasurer and Minister for Financial Services, Stephen Jones MP, emphasized the emotional toll of these scams and reaffirmed the government’s commitment to making Australia a hostile environment for scammers and a safe haven for consumers.

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