CFTC and Interagency Partners Launch 'Dating or Defrauding?' Campaign Against Investment Scams

The U.S. Commodity Futures Trading Commission (CFTC) Office of Customer Education and Outreach (OCEO) has launched a national public awareness campaign titled "Dating or Defrauding?" to alert the public to relationship-based investment fraud targeting Americans across digital platforms. Organized in collaboration with multiple federal, state, and non-governmental entities, the initiative seeks to warn consumers about fraudulent schemes—often referred to as "pig butchering"—initiated through dating applications, social media platforms, and unsolicited text messages. Fraudsters typically build emotional trust with victims using fabricated profiles, images, and audio before claiming substantial trading profits in cryptocurrency, forex, or precious metals. Targets are subsequently steered toward counterfeit trading platforms operated by organized criminal networks. According to CFTC disclosures referencing FBI data, romance investment schemes generated nearly $4 billion in reported losses in 2023 alone. Research cited by the regulator indicates that victims execute an average of 10 increasingly large transfers until their funds are depleted. Scammers frequently allow small initial withdrawals to manufacture credibility, but eventually block access to capital and demand fraudulent taxes or fees when victims attempt to recover larger sums. Key warning signs highlighted by the campaign include an ongoing inability to meet in person, requests to shift conversations to encrypted messaging services, and repeated financial solicitations. Regulators noted that while perpetrators appeal to emotional vulnerabilities and financial stress across all demographics, public education can substantially decrease scam victimization rates. Federal participants in the coalition include the FBI, the Federal Trade Commission (FTC), the Financial Crimes Enforcement Network (FinCEN), the Federal Deposit Insurance Corporation Office of Inspector General, the Social Security Administration Office of the Inspector General, and the U.S. Postal Inspection Service. Self-regulatory organizations FINRA and the National Futures Association (NFA) are also collaborating, alongside state financial regulatory departments from Arizona, Oregon, Washington, Wisconsin, and the U.S. Virgin Islands. The agencies are distributing consumer educational advisories and directing victims to report suspicious activity through regulatory complaint channels.