Warning signs to look for in relationship scams

WASHINGTON (WWAY) — 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:

• A prolonged inability to meet in-person.
• Moving conversations off social or dating platforms to encrypted messaging apps.
• 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.

“Today, criminals are better able to hide their identities, create more fake profiles, phishing emails, and more convincing scam websites than ever before,” said OCEO Director Melanie Devoe. “Valentine’s Day and the following weeks provide an excellent opportunity to remind people that criminals are using social media, dating, and messaging apps to scam Americans. We ask you to be alert, and to help stop scams by warning your friends and family.”

About 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.

What You Can Do

• Talk about relationship investment scams and other scams you hear about. Visit the CFTC Romance Fraud Center for more information and resources. Talking regularly about fraud raises awareness, reduces the stigma of victimization, and can encourage reporting.
• Look for and share, like, or repost messages with the #DatingOrDefrauding hashtag.
• Host a fraud prevention event in your community. You can engage local law enforcement, the CFTC, or other agencies involved in the Dating or Defrauding Campaign.
• Listen for warning signs, like a friend or relative talking about a new online relationship or investing in crypto for the first time.
• Report fraud. You can do so at CFTC.gov/complaint or the FBI’s Internet Crime Complaint Center, IC3.gov. If you are victimized by this fraud here are resources that can help.