On March 9 2021, Rachel, a tax accountant in Auckland – matched with “Wu Haoyu” on Hinge. By June 10, and one elaborate crypto-scam later, Rachel’s savings account was $100k lighter.

The scam that Rachel fell victim to is relatively new to New Zealand – appearing for the first-time last year.

It has been dubbed a “hybrid scam”, using a combination of romance and investment to target millennials and can be incredibly effective at extracting huge sums of money.

In light of Fraud Awareness Week, the Consume This podcast explored how this dangerous new scam operates and how it targets unsuspecting victims.

“There’s a perception that scams are reserved for the elderly or those who are totally gullible,” says Consumer NZ chief executive Jon Duffy.

“In New Zealand, the largest reported losses are from those in the 30 to 45 year old age bracket. We can expect for more New Zealanders to be targeted in the same way as Rachel,”

“There are certain behaviours to be aware of when on dating sites. This includes conversation being moved off dating platforms to text messaging, being sent links to ‘investment’ sites and encouragement to dabble in investing for fun.”

Rachel and Haoyu matched and soon moved their chat to WhatsApp. Scammers do this to avoid losing their targets, as dating apps have algorithms that are designed to pick up scam trends and actively remove scam profiles.

They chatted at length with Haoyu…

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