CFTC and Global Regulators Launch Campaign Against Relationship Investment Scams

The Commodity Futures Trading Commission (CFTC) has launched a coordinated national and international public awareness initiative to warn consumers against relationship investment scams. The fraudulent operations, often referred to by perpetrators as "pig butchering," result in an estimated $10 billion in losses for Americans each year. Led by the CFTC’s Office of Customer Education and Outreach (OCEO), the interagency "DatingOrDefrauding?" campaign warns the public to be skeptical of unsolicited requests from online contacts or romantic interests. The campaign highlights common tactics used by scammers, such as convincing victims to transfer crypto assets or other forms of payment to fake trading websites. Participating entities include a wide range of federal, state, and non-governmental organizations. Federal partners include the Securities and Exchange Commission (SEC), the Department of Justice Criminal Division, the Federal Bureau of Investigation (FBI), the Financial Crimes Enforcement Network (FinCEN), the Internal Revenue Service Criminal Investigation, the U.S. Secret Service, and the Federal Deposit Insurance Corporation Office of Inspector General. Non-governmental participants include the Financial Industry Regulatory Authority (FINRA), the National Futures Association (NFA), and the North American Securities Administrators Association (NASAA), along with state financial regulators from Minnesota, Oregon, the U.S. Virgin Islands, Washington, and Wisconsin. The CFTC identified several major warning signs of relationship investment fraud, including individuals who are unable to meet in person, transition conversations from dating or social media platforms to encrypted messaging applications, claim expertise in crypto trading, or offer to manage investments on behalf of the victim. CFTC Chairman Michael S. Selig highlighted that foreign criminal networks are actively utilizing dating applications, social media, messaging platforms, and artificial intelligence to target victims. Selig advised consumers to protect themselves and their families by utilizing secure software systems and U.S.-regulated intermediaries. Alongside the domestic effort, the CFTC is working with the International Organization of Securities Commissions (IOSCO) to coordinate international awareness efforts. The initiative builds upon a global campaign launched in October 2025 across 16 jurisdictions spanning five continents. Running through Valentine's week, the campaign aims to curb financial losses during a period when scammers frequently exploit emotional vulnerability and romantic interest.