Detectives are now investigating the scam, believed to have originated from Europe.
It involves a scammer sending a text message from an unknown mobile phone number to a victim, claiming to be their son or daughter.
As the conversation develops they will say they’ve lost their phone, before making a request for emergency money – generally they’ll say they’ve been locked out of online banking.
Once one transfer has been made, the offender will frequently request another sum of money, police say.
Detectives say they’ve found “at least” 25 victims of the scam believed to be linked to a series of offending dating back to January.
Detective Sergeant John Cheyne, Cybercrime Squad said police believe the true amount of victims are underreported.
“A scam like this really pulls on the heartstrings – a child telling you they’ve lost or broken their phone and are in need of financial support is understandably a situation where parents would react without a second thought,” he says.
“Often, matters of this nature are under reported and that can be for a range of reasons, including fear or embarrassment, and sometimes feeling unsure if an offense has occurred.
“We encourage anyone who has been subjected to a scam such as this to speak to police.”
Cheyne urges anyone who receives request for money from an unknown number to ask “for some kind of verification.”
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“Alternatively, you could ask them to send a voice note to verify who they are.
“If they can’t prove who they are or aren’t willing to, don’t transfer the money.
“If you’ve been a victim to this scam, call your bank immediately and let them know, before reporting the matter via ReportCyber.
People who have lost money to a scam should contact their bank or financial institution as soon as possible and report the matter to police or online forums such as ReportCyber and the ESafety Commissioner.
Anyone with information about cybercrimes and scams should contact Crime Stoppers: 1800 333 000.