The Commodity Futures Trading Commission’s Office of Customer Outreach and Education (OCEO) announced two partnerships to give customers targeted information about cryptocurrency relationship investment scams.
OCEO is partnering with the American Bankers Association Foundation together with other federal agencies and a private regulator to distribute an infographic to help consumers recognise and avoid so-called “pig butchering” fraud. The one-page infographic illustrates the scam’s phases – from how victims are targeted and groomed to how the scam ends – and provides warning signs and steps to take if a person has been victimised.
OCEO is also partnering with the U.S. Security and Exchange Commission’s Office of Investor Education and Advocacy, the Financial Industry Regulatory Authority, and the North American Securities Administrators Association to develop and distribute an investor alert that gives customers a clear picture of how “pig butchering” scammers work their way into "the minds and wallets of everyday, knowledgeable people." It targets individuals with "an introspective on how these fraudsters have perfected their criminal craft to entice even the savviest investors."