Beware of Pig-Butchering Scams: CFTC Launches 'Dating or Defrauding?' Social Media Awareness Campaign

The U.S. Commodity Futures Trading Commission (CFTC) has joined forces with several governmental and non-governmental organizations to launch the social media awareness campaign Dating or Defrauding? to remind people to be vigilant and watch out for relationship investment scams, as known as pig-butchering scams.

According to the FBI, pig-butchering scams have cost victims $4 billion in 2023. Perpetrators of these scams often use dating apps, social media platforms, and messaging apps to contact potential victims, sometimes randomly sending wrong-numbers text messages to victims.

Fraudsters often use fake profiles, photos, videos, and voices to fabricate the images of professional and attractive people who pretend to be in a relationship with their victims. They also claim to have special information or insider help to earn a lot of money by trading cryptocurrencies or forex.

Investment can appear deceptively simple to scammers. They often lure victims with promises of extra income, only to convince them to invest in fraudulent trading platforms.

The CFTC said that people of any age may fall victim, especially those who live alone and those who spend a lot of time on social media and discussion groups.

At the same time, the CFTC encourages people to actively join the campaign on social media, forwarding relevant tags and links to alert friends and family to the scam.

“Today, criminals are better able to hide their identities, create more fake profiles, phishing emails, and more convincing scam websites than ever before,” said OCEO Director Melanie Devoe. “Valentine’s Day and the following weeks provide an excellent opportunity to remind people that criminals are using social media, dating, and messaging apps to scam Americans. We ask you to be alert, and to help stop scams by warning your friends and family.”