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Abstract:SEC's new campaign warns about relationship investment scams, highlighting red flags, losses, and protective measures. Stay safe from "pig butchering" schemes.
The U.S. Securities and Exchange Commission (SEC) is sounding the alarm on sophisticated “relationship investment scams” that prey on emotions to steal billions. Their new “Don't Open the Door to Scammers” campaign targets schemes known as romance scams, financial grooming, or the disturbing “pig butchering” tactic - where fraudsters fatten victims with false affection before financial slaughter.
These scams typically begin with an innocent “hello” - an unsolicited message on dating apps or social media. Scammers spend weeks or months building trust before pitching fraudulent crypto investments or other too-good-to-be-true opportunities. The CFTC's parallel “Dating or Defrauding?” initiative reveals these cons caused nearly $4 billion in losses last year alone.
The SEC's multi-pronged awareness drive includes:
“These aren't just financial crimes - they're emotional manipulation schemes,” warns Acting Chairman Mark Uyeda. Scammers now use AI-generated profiles and fake romantic connections to bypass traditional fraud detection.
Key protection strategies from regulators:
The campaign particularly highlights cryptocurrency schemes, where scammers funnel victims toward phony trading platforms. “If someone you've never met recommends an investment,” Schock cautions, “that's not romance - it's robbery.”
With fraudsters constantly evolving tactics, the SEC stresses that awareness is the best defense. Their resources provide specific language to watch for, including:
As relationship scams grow more sophisticated, regulators emphasize: that real financial advisors don't find clients through Instagram DMs or Tinder matches. When in doubt, check the SEC's Investment Adviser Public Disclosure database before trusting anyone with your money.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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