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Online Tag

We’re always on the hunt for a good deal, whether buying or selling, so it’s hardly surprising that online marketplaces such as Facebook and Gumtree have proved so popular.

But wherever there are bargain hunters, there are scammers. There have even been instances of criminals using marketplaces as a way into homes. Police in Brisbane warned of an alarming increase in offences targeting online sellers.

Online payment has certainly made our lives easier. It's become more convenient for us to shop online, pay for bills and send money to family and friends.

So it’s probably no surprise that the FIS Global Payments Report predicts the use of cash will drop from 7 percent to 2 percent of all point-of-sale transactions by 2025.

FIS, a payments technology company, says the pandemic has only accelerated our move to digital wallets and other e-commerce, or online payment platforms.

The digital world has transformed the way we live, work and play. Transactions that used to take place in cash or with paper cheques are now completed online, using digital payment platforms.

In Australia, there are a number of different digital payment platforms available, each vying for a share of the market. In 2021, the industry processed about 55 million payments. That is worth about $650 billion each day, according to The Australian Financial Review. But behind this progress are growing concerns not only from banking institutions but governments.

As dating websites and apps become more popular, so do the number of online romance scams. In Australia, $28 million last year was lost in romance schemes. These figures are only the tip of the iceberg as many victims are reluctant to admit to friends, family or authorities that they fell for a scam.

We've spoken to many people who have fallen victim to romance scams and what's important to know is that these aren't silly people handing over cash within the first five minutes of meeting someone. They are regular folk looking for friendship or love.

So how likely is it that your new internet love interest will go after your bank account? And what are the signs to look out for?

We've compiled the Top 5 strategies used by love scammers.