A week before Valentine's Day, the Office of Customer Education and Outreach (OCEO) of the Commodity Futures Trading Commission (CFTC) issued a notice warning against rampant love scams involving cryptocurrencies and foreign exchanges.。

The "pig killing plate" for those who wish to take the bait.

Scammers who offer financial services or investment advice on dating apps or social media are known as love scams, according to the regulatory announcement.。These scams are so complex that fraudsters sometimes gain the trust of their victims within weeks, known as the "induction period," before coming up with any fraudulent schemes.。

Melanie Devoe, OCEO Director, said: "Financially induced scams can happen at any time, but Valentine's Day is a great opportunity to remind people that dating and messaging apps, as well as social media, can be platforms for scams and fraudulent activity.。"

Criminal gangs are organized and planned

Regulators are asking app and social media users to be cautious about any text messages and messages from strangers promoting cryptocurrency investments.。The watchdog stressed that such text messages could come from international criminal organizations.。

According to the CFTC, some of the wake-up calls to identify such scams are attempts to move conversations from dating or social media platforms to private messaging apps, as well as "claims of wealth from cryptocurrency or foreign exchange trading as a result of insider information."。

The targeting of victims on dating and social media apps has been going on for years.。Although this is the first warning issued by the CFTC, other global regulators have issued multiple warnings against such scams.。

The CFTC stresses that these financial love affairs and seduction gangs siphoned off more than $3.5 billion in 2023。The agency recently seized a Debiex company suspected of embezzling $2.3 million in a popular relationship scam to solicit Americans。

In December, U.S. federal prosecutors charged four people with laundering more than $80 million through a "pig kill" scam and other investment scams.。