The Commodity Futures Trading Commission launched a comprehensive national and international campaign this Valentine's Week to combat relationship investment scams that drain an estimated $10 billion from American victims annually.
The CFTC's Office of Customer Education and Outreach is spearheading the multi-agency "DatingOrDefrauding?" social media awareness campaign, which warns Americans to remain skeptical of investment requests from new online friends or romantic interests. The initiative specifically targets a common fraud pattern where scammers request victims send cryptocurrency or other payments to invest through fake crypto websites.
The campaign represents one of the largest collaborative efforts to address romance-based financial fraud, involving more than 15 federal and state agencies plus non-governmental organizations. Federal participants include the Department of Justice Criminal Division, Department of Labor Employee Benefits Security Administration, FBI, Federal Deposit Insurance Corporation Office of Inspector General, Financial Crimes Enforcement Network, IRS Criminal Investigation, National Credit Union Administration, Securities and Exchange Commission, Social Security Administration Office of Inspector General, U.S. Attorney for the District of Columbia, U.S. Postal Inspection Service, and U.S. Secret Service.
State agencies joining the effort include the Minnesota Department of Commerce, Oregon Department of Consumer and Business Services, Virgin Islands Lieutenant Governor's Office, Washington Department of Financial Institutions, and Wisconsin Department of Financial Institutions. Non-governmental organizations FINRA, NFA, and the North American Securities Administrators Association are also participating.
"Foreign criminals are exploiting dating apps, social media, messaging platforms, and artificial intelligence to steal money from American citizens," said CFTC Chairman Michael S. Selig. "Keep your friends and family safe by warning them about this scam and encouraging them to keep their crypto assets safe by using trusted and secure software systems and U.S.-regulated intermediaries."
The timing of the campaign coincides with Valentine's Day, when romance scammers typically increase their activity to exploit the holiday's emotional atmosphere. Relationship investment scams, also known as pig butchering scams, have emerged as one of the fastest-growing forms of financial fraud, particularly targeting cryptocurrency assets.
The campaign identifies several warning signs that consumers should recognize when interacting with potential romantic interests online. Red flags include an online friend or love interest who is unable to meet in person, moves conversations off social or dating platforms to encrypted messaging apps, claims to be or know an expert crypto trader, and offers to help the victim trade or invest money.
These scams typically follow a predictable pattern where fraudsters spend weeks or months building trust and romantic relationships with victims before gradually introducing investment opportunities. The scammers often present themselves as successful cryptocurrency traders or claim to have insider knowledge of profitable investment strategies.
Once victims agree to invest, they are directed to sophisticated fake trading platforms that appear legitimate but are designed to steal funds. Initial small investments may show artificial profits to encourage larger deposits, but victims eventually discover they cannot withdraw their money and the supposed romantic partner disappears.
The $10 billion annual loss figure represents a significant portion of overall fraud losses reported to authorities, highlighting the effectiveness of these emotionally manipulative schemes. The FBI's Internet Crime Complaint Center has reported dramatic increases in romance scam complaints in recent years, with cryptocurrency-related losses comprising an growing share of reported damages.
Beyond the domestic campaign, the CFTC's Office of Customer Education and Outreach is collaborating with the International Organization of Securities Commissions on a global initiative to address cross-border aspects of relationship investment fraud. This international cooperation reflects the global nature of these crimes, which often involve criminal networks operating from multiple countries.
The multi-agency approach demonstrates growing recognition among federal regulators that relationship investment scams require coordinated responses across multiple jurisdictions and areas of expertise. The involvement of agencies ranging from financial regulators to law enforcement reflects the complex nature of these crimes, which combine elements of securities fraud, money laundering, and organized crime.
Consumer protection advocates have praised the timing and scope of the campaign, noting that Valentine's Day represents a particularly vulnerable period for potential victims. The emotional context of the holiday, combined with increased online dating activity, creates optimal conditions for romance scammers to identify and exploit targets.
The campaign emphasizes the importance of using regulated financial intermediaries and maintaining healthy skepticism about unsolicited investment advice, particularly from online acquaintances. Officials stress that legitimate romantic interests will not pressure partners to make financial investments or send cryptocurrency to unknown platforms.
As the campaign launches, participating agencies are coordinating educational content across social media platforms and encouraging the public to share warning information with friends and family members who may be vulnerable to these sophisticated fraud schemes.