Millions of Dollars Stolen from Bargain, Love Hunters

Victims of scams in Western Australia (WA) have collectively lost over $20 million in the past year, with those looking for love online and high investment returns experiencing the highest losses.

A total of 1,398 individuals reported being scammed in 2023 to WA Consumer Protection, with the majority of victims being buyers and sellers on classified sites and online marketplaces.

More than 400 victims reported losses of $590,000 (US$385,836) on buy-and-sell classified sites, with Facebook Marketplace alone responsible for 163 victims and $116,500 (US$76,186) in losses.

Another common scam on Marketplace involves fraudulent rental property listings where scammers pretend to be landlords to steal upfront bond and rent payments from potential tenants.

Facebook scams were the most reported scams to Consumer Protection, showing a 62% increase compared to 2022 figures.

Further instances of scams originating from the social media platform included fake prizes and giveaways, fake job offers, deceptive shopping advertisements, and compromised accounts promoting cryptocurrency schemes.

The most significant amount of money was lost by individuals seeking high investment returns or love online.

Investment scams, mainly involving cryptocurrencies, accounted for $12.1 million (US$7.91 million) in losses, while dating and romance scams resulted in victims losing $3.7 million.

The total sum of money lost for the year amounted to $21,995,489, marking a 36% increase from 2022.

Commerce Minister Sue Ellery emphasized that while social media is a valuable tool for staying connected, it also provides scammers with the opportunity to operate undetected.

She urged consumers to take a moment to consider the legitimacy of online sales or offers before sharing personal information to avoid the financial and emotional consequences of falling victim to scams.

To protect themselves from scams, individuals should ensure they use secure payment methods when conducting transactions on online marketplaces.

They should also approach offers that seem too good to be true with caution and be wary of buyers or sellers who refuse to meet in person.

Top 10 scams in WA:

* Investment scams: $12,129,934

* Dating and romance scams: $3,701,945

* Hacking: $1,300,073

* Phishing: $1,181,620

* Jobs and employment scams: $874,002

* Threats to life, arrest, or other: $670,228

* Online shopping scams: $631,315

* Classified scams: $589,588

* Remote access scams: $284,260

* Health and medical products: $201,509

* Other scams: $431,016