The con, which has circulated Facebook, sees scammers try to sell suitcases it says have been left unclaimed for six months from the international airport.
It is offering the cases for sale full of mystery belongings for just $3 each.
Images of luggage packed with clothes, expensive electronics and luxury shoes have been posted by people claiming to have been customers.
A photo also appears to show dozens of bags lined up at Sydney Airport with a sign saying “lost luggage $3”.
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The supposed offer has been posted on fake Facebook pages, each with names with variations of the word ‘Sydney’, ‘airport’ or ‘Kingsford Smith’.
“We would urge everyone to stay vigilant to social media scams and only trust information from Sydney Airport’s official verified accounts,” a spokesperson said.
Sydney Airport holds its own lost property auction for thousands of unclaimed items annually, and donates the money made to charity.
Australians have already lost $92 million to scams from January 1 to September 30 this year, with more than 234,672 reports made to Scamwatch.