In a coordinated effort, the Commodity Futures Trading Commission’s Office of Customer Education and Outreach has launched a national campaign to raise awareness about relationship investment scams. These scams target individuals through dating apps, social media, and even wrong-number texts.

The "Dating or Defrauding?" initiative aims to educate the public on recognizing these scams and what actions to take if affected. Melanie Devoe, Director of OCEO, emphasized the importance of vigilance during this period: “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.”

The campaign will utilize the hashtag #DatingOrDefrauding across social media platforms. It is supported by multiple federal, state, and nonprofit organizations alongside the CFTC.

Relationship investment scams have been reported as a significant issue with losses nearing $4 billion in 2023 according to the FBI. Known as "pig butchering," these frauds involve scammers creating fake profiles on various platforms to lure victims into investing in fraudulent trading schemes.

Victims are often convinced by scammers who claim success in cryptocurrency or other markets due to insider knowledge. The scam progresses with victims being directed to fake trading platforms where they see fabricated profits. However, when attempting withdrawals, they face obstacles such as additional fees.

The CFTC has been proactive in addressing romance frauds since its first "Dating or Defrauding?" campaign in 2022. They have also issued advisories on avoiding Forex, precious metals, and digital asset romance scams.

The Office of Customer Education and Outreach continues its mission by providing educational resources aimed at protecting consumers from financial frauds under the Commodity Exchange Act.