By Cassandra Cross

Romance fraud uses the guise of a genuine relationship to deceive a victim into transferring often large amounts of money to an offender/s. Romance fraud has been in the top three categories of financial loss for Australian victims over the past decade, and this is a trend mirrored internationally. However, in recent years there has been a convergence of romance fraud and investment fraud approaches. Terms such as romance baiting, cryptorom and ‘pig butchering' have all emerged to describe how offenders are evolving in their attempts to defraud victims through offering fake cryptocurrency investment opportunities, using a relationship as the mechanism. This article analyses this shift in romance fraud offending and its embracing of investment scheme opportunities. It highlights the underlying reasons for the success of this amalgamated approach and further demonstrates how it potentially distorts the reporting of fraud as well as prevention messaging targeting these incidents.

Current Issues Criminal Justice Volume 36, 2024 - Issue 3

By Mark Button · David Shepherd · Jeyong Jung

This paper explores the use of fake social media accounts for economic espionage. It focuses solely on the first step of the recruitment process, the link requests. There has been very little research on economic espionage and none on the use of fake social media profiles as a means of recruitment. The methodology is built upon an inductive approach based on a survey of 2,000 UK professionals who use social media for professional purposes to provide practical and theoretical insights into the problem drawn from a Qualtrics panel. The results illustrate that a quarter of professionals are ill-prepared for the threat of fake social media profiles for the purposes of espionage because they either do not check link requests or accept them even with risky attributes. It further finds a substantial minority are carelessly indifferent to information security and computer network security, and are so indifferent to the identities behind link requests that they auto-link with everyone. The paper also explores the homophily-heterophily orientation of professionals. It argues that homophily-orientated professionals tend to reject profiles with espionage characteristics, whilst heterophily-orientated professionals are susceptible because they embrace social difference. The practical implications are that employers need to strengthen their information security training programmes, the security services need to be more explicit in characterising the threats, and regulation is required to force the social media companies to focus on tackling the fake profle problem.

Security Journal (2025) 38:30