The Commodity Futures Trading Commission announced on February 9 a national and international push to combat relationship investment scams, marshalling more than 20 federal, state and international partners in a Valentine’s Week awareness campaign targeting a fraud industry that costs Americans an estimated $10 billion a year.
The “DatingOrDefrauding?” social media campaign, running Wednesday through Saturday, warns the public to be sceptical of investment advice from new online friends or romantic interests, particularly requests to send cryptocurrency through unfamiliar platforms.
The coalition includes the FBI, Department of Justice, SEC, IRS Criminal Investigation, U.S. Secret Service and the Financial Crimes Enforcement Network, among other federal bodies. State regulators from Minnesota, Oregon, Washington, Wisconsin and the U.S. Virgin Islands are also participating, alongside non-governmental organisations such as FINRA and the North American Securities Administrators Association.
Internationally, the CFTC’s Office of Customer Education and Outreach is collaborating with the International Organization of Securities Commissions. The Valentine’s Week effort builds on a coordinated campaign in October 2025 that spanned 16 jurisdictions across five continents.
“Foreign criminals are exploiting dating apps, social media, messaging platforms, and artificial intelligence to steal money from American citizens,” CFTC Chairman Michael S. Selig said.
How the scams work
Often called “pig butchering,” these schemes rely on dating apps, social media and even random “wrong number” texts to reach potential victims. Scammers use fake profiles, AI-generated images and deepfakes to appear trustworthy. After building an emotional connection over weeks or months, they steer victims toward fraudulent trading platforms controlled by organised criminal networks.
The CFTC highlighted four key warning signs: an online contact who cannot meet in person, requests to move conversations to encrypted messaging apps, claims of crypto trading expertise, and offers to help invest money.
The fraud infrastructure is largely based in scam compounds across Southeast Asia, particularly in Myanmar, Cambodia and Laos. In November 2025, the DOJ, FBI and Secret Service established a dedicated Scam Center Strike Force, which has seized over $401 million in cryptocurrency.
The CFTC cited research suggesting awareness campaigns can reduce fraud victimisation by up to 85 percent. Victims can report incidents to the FBI’s Internet Crime Complaint Center at IC3.gov or the CFTC at cftc.gov/complaint.
