United States SEC Launches Anti-Fraud Campaign Warning Investors on Devastating Impact of Relationship Investment Scams, Scammers Reached Out via Online or Text Messages to Build Trust by Friendship or Romantic Connection and Convincing Victims to Put Money into Phone Investments, Relationship Investment Scams are also Called Romance Scams, Financial Grooming Scams & Pig Butchering Scams
18th April 2025 | Hong Kong
The United States Securities and Exchange Commission’s Office of Investor Education & Advocacy (OIEA) has launched an anti-fraud campaign warning investors on the devastating impact of relationship investment scams, with scammers reaching out via online or text messages to build trust by friendship or romantic connection, and convincing victims to put money into phone investments. Relationship investment scams are also called romance scams, financial grooming scams & pig butchering scams. United States SEC (16/4/25): “The Securities and Exchange Commission’s Office of Investor Education and Advocacy (OIEA) today unveiled its anti-fraud public service campaign, which warns investors about the devastating impact relationship investment scams can have on their financial future. Relationship investment scams typically involve a “long con” in which scammers reach out online or through text messages, attempting to build trust through friendship or a romantic connection to convince someone to put money into phony investments. They are referred to by various names including romance scams, financial grooming scams, and “pig butchering” scams. The SEC’s public service campaign features two animated videos ‒ ”Don’t Open the Door to Scammers” and “Let’s Talk About Relationship Investment Scams” ‒ and a resource page about how relationship investment scams work, what investors should look out for, and how investors can protect themselves and others.” In 2025 February, the United States Commodity Futures Trading Commission (CFTC) launched an American Romance / Relationship Investment Scams campaign on dating & online friends via wrong-numbered texts, dating apps & social media, reminding Americans to be skeptical of online friends request for cryptocurrency, gift cards, wire transfers or any payments. In 2023, nearly $4 billion was lost via romance / relationship investment scams. More info below:
“ United States SEC Launches Anti-Fraud Campaign Warning Investors on Devastating Impact of Relationship Investment Scams, Scammers Reached Out via Online or Text Messages to Build Trust by Friendship or Romantic Connection and Convincing Victims to Put Money into Phone Investments, Relationship Investment Scams are also Called Romance Scams, Financial Grooming Scams & Pig Butchering Scams “
Key takeaways for investors:
- Ignore messages from anyone they don’t know and consider blocking or deleting them.
- Be wary of unsolicited investment opportunities, no matter how much they trust the person.
- If they suspect they may be caught up in a scam, stop communication with the individuals immediately, and do not give them any more money.
- Report the scam to the SEC.
In addition to the public service campaign videos and resources, there is an investing quiz, which focuses on these kinds of scams and a new article by Director Schock, entitled “Relationship Investment Scams – Starts With ‘Hello,’ But Could End With Saying ‘Goodbye’ to Your Money.”
United States CFTC Launches American Romance / Relationship Investment Scams Campaign on Dating & Online Friends via Wrong-Numbered Texts, Dating Apps & Social Media, Reminder to be Skeptical of Online Friends Request for Cryptocurrency, Gift Cards, Wire Transfers or Any Payments, Nearly $4 Billion Lost via Romance / Relationship Investment Scams in 2023
12th February 2025 – The United States Commodity Futures Trading Commission (CFTC) is launching an American Romance / Relationship Investment Scams campaign on dating & online friends via wrong-numbered texts, dating apps & social media, reminding Americans to be skeptical of online friends request for cryptocurrency, gift cards, wire transfers or any payments. In 2023, nearly $4 billion was lost via romance / relationship investment scams. CFTC (10/2/25): “In coordination with multiple federal, state, and nonprofit organizations, the Commodity Futures Trading Commission’s Office of Customer Education and Outreach has launched a national awareness effort to alert the public to relationship investment scams targeting Americans through wrong-numbered texts, dating apps, and social media. Over the coming weeks, the interagency Dating or Defrauding? social media awareness campaign will warn Americans to be skeptical of any request from online friends for cryptocurrency, gift cards, wire transfers, or other forms of payment. Other red flags include: 1) A prolonged inability to meet in-person. 2) Moving conversations off social or dating platforms to encrypted messaging apps. 3) Repeated suggestions for investments or requests for money … … The joint initiative will provide information about how to recognize relationship investment scams, what to do if you are affected, and why to share the information to warn others. Relationship Investment Scams – Relationship investment scams are a recent type of romance fraud, causing reported losses to the FBI of nearly $4 billion in 2023. Called pig butchering by the perpetrators, criminals use dating apps, social media platforms, messaging apps, and even random “wrong number” text messages to target possible victims. The scammers are known to use fake profiles, images, videos and voices to make themselves appear attractive and professional, and once introduced, they send frequent messages to build relationships. These new online “friends” claim to have made a lot of money trading cryptocurrency, precious metals, or foreign currency, thanks to special knowledge or insider help. The scammers talk about how easy it is and offer to help victims earn extra money. Victims are then directed to fraudulent trading platforms operated by the same organized criminal gangs. These scams do not discriminate and have victimized people of all ages. People who live alone or spend a lot of time on social media or in discussion groups tend to be more vulnerable to fraud. Scams work because they appeal to unmet needs or emotions, like financial stress, excitement, or fear. The good news is that awareness can reduce victimization. Sharing information could help protect those closest to you. In addition to participating in the Dating or Defrauding? effort, the CFTC’s Office of Customer Education and Outreach is releasing a customer advisory, Help Warn Others About Relationship Investment Scams, that explains the fraud in detail and steps the public can take to help others. Customer Advisory: Help Warn Others About Relationship Investment Scams – Scammers are using smart phones, social media or dating sites, and cryptocurrency to steal billions of dollars from Americans. Over the coming month, the CFTC is joining with other federal, state, and nonprofit organizations to raise awareness about these horrible crimes. You can help too: Warn your friends and family by sharing #DatingOrDefauding information and links. Relationship investment scams, called pig butchering by the perpetrators, use dating apps, social media platforms, messaging apps, and even random “wrong number” text messages to target possible victims. The fraudsters use fake profiles, images, videos and voices to make them appear attractive and professional. Once introduced, they send frequent messages to build relationships. The new online “friends” claim to have made a lot of money trading cryptocurrency, precious metals, or foreign currency, thanks to special knowledge or insider help. The scammers talk about how easy it is and offer to help targets earn extra money. Targets are then directed to fraudulent trading platforms operated by the same organized criminal gangs. Victims are told to convert their dollars to cryptocurrency and then send the crypto to the scam website. They see their balances on the websites grow substantially and are encouraged to withdraw small amounts of money to spend on themselves. This is another ploy to build trust. Research reveals victims transfer an average of 10 payments, each larger than the last until they are financially drained. When victims try to make subsequent withdraws, they are refused or told they must pay additional fees or taxes.”
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