Scammers used to favour wire transfers for payments but Ms Rickard said they are increasingly demanding i Tunes gift cards or the digital currency bitcoin.
Ms Rickard said international money transfer firm Western Union has stopped a lot of payments and has trained staff to recognise scams.
Romance scammers are increasingly using social media, mainly Facebook, to find victims instead of the traditional dating websites as a variety of scams continue to target Australians.
The Australian Competition and Consumer Commission (ACCC) is looking at what it can do beyond educating consumers about scams, its deputy chair Delia Rickard said.
The record losses combine those reported to the Australian Competition and Consumer Commission and the Australian Cybercrime Online Reporting Network, which number more than 200,000.Having just come out of a long-term relationship Maria was open to meeting someone online, prompting her to accept his Facebook message request.Conversing online with the man for around four days, Maria saw photographs and a detailed resume purportedly of the man, while he asked questions about her income and whether she owned her own home.This year Fraud Week is focused on social media scams, which reported losses of .5 million in 2016 compared to .8 million in 2015.It was through social media that Maria* found herself on the cusp of falling into a romance scam earlier this year, after she was contacted by a man purporting to be a US army colonel in Hommes, Syria.'We are in the process of talking to the banks, social media sites, telcos about what more they can do to either stop scammers conning victims in the first place or stop money going overseas,' she told AAP.