PHOTO: Police are urging Australians to be vigilant in the lead-up to Valentine’s Day, with some scammers seeking to exploit those who find themselves lonely or isolated.
Law enforcement agencies are actively pursuing an individual accused of defrauding property market investors of millions of dollars, prompting a warning to Australians to remain vigilant against “pig butchering” scams leading up to Valentine’s Day.
The accused, a resident of Victoria, is alleged to have deceived aspiring property investors, claiming to be a developer offering assistance in demolishing homes and constructing townhouses. Victims, ranging from $20,000 to $2.1 million in losses, handed over funds only to discover that their developments were sold to other investors without any actual construction. The suspect has allegedly targeted mostly single women in Malvern East for his fraudulent construction projects.
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In a separate alert, Australian federal police caution citizens about the “pig butchering” scam, an elaborate scheme requiring a significant time investment to build trust with victims. The scammers then persuade victims to invest in seemingly legitimate platforms for trading shares, cryptocurrencies, or foreign currency exchanges. Unbeknownst to the victims, the money is diverted to accounts owned by the offenders, who create fake platforms resembling established sites.
The police emphasize the need for caution, especially during the lead-up to Valentine’s Day, as some scammers exploit individuals experiencing loneliness or isolation. Romance scams alone resulted in Australians losing up to $4,500 per hour in 2022 and up to $3,800 in 2023.
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Acting Assistant Commissioner of Cybercrime Command, Chris Goldsmid, urges the public to report such incidents and not feel embarrassed, as awareness plays a crucial role in preventing scammers from targeting others. The Australian federal police have seized manuals related to these scams and are making them available to the public to educate them about these schemes. Goldsmid highlights the vulnerability of multicultural communities and women to such scams, emphasizing the importance of reporting incidents to authorities and sharing information within communities to thwart scammers’ efforts.
SOURCE: THE GUARDIAN