Warning to be wary of romantic red flags

Australians will spend an average amount of $118 each on the day of romance - up 6.3 per cent year on year - according to the Australian Retailers Association in conjunction with Roy Morgan.

And it's not just lovers set to revel in romance, with the $485 million spendathon going beyond just significant others.

"The gift-of-love has evolved this year, with shoppers increasingly spoiling friends, family, colleagues and even pets," said ARA CEO Paul Zahra

"We're expecting a $485 million romantic spending splurge, mostly happening today with Australians taking advantage of long sought-after freedoms to shower their loved ones with gifts, intimate date nights and getaways."

However, authorities are warning Valentine's Day is a golden opportunity for scammers to prey on the vulnerable.

New data shows Australians lost $40.6 million to dating and romance scammers in 2022.

The heartbreaking increase has prompted a warning for Australians seeking love to take steps to guard their wallets as well as their hearts.

The Federal Government has vowed to combat scammers, establishing a National Anti-Scams Centre.

Romantic red flags include sharing personal data with or giving money to someone you meet online.

"Scammers targeting the vulnerable have Valentine's Day circled in their calendars," Assistant Treasurer Stephen Jones said.

"There are tell-tale signs, like never wanting to meet in person, moving a conversation off a dating app or asking for money or personal details, that can be a giveaway.

"We're reminding people to err on the side of caution; if something seems a bit off, it probably is."

Australian Associated Press