The Cyprus Securities and Exchange Commission (CySEC) has joined the International Organization of Securities Commissions (IOSCO) in a pre-Valentine’s Day global awareness campaign focused on relationship investment scams.
The initiative aims to raise awareness about these increasingly sophisticated scams and the devastating impact they can have on investors’ financial futures.
Relationship investment scams, also known as romance scams, crypto investment scams, financial grooming scams, or “pig butchering” scams, involve a calculated “long con.”
Fraudsters typically initiate contact through:
- Wrong-number text messages
- Dating applications
- Social media platforms
Over time, scammers build trust by developing what appears to be a genuine friendship or romantic relationship, or by offering to help individuals achieve their financial goals.
Once trust has been established, fraudsters introduce supposedly profitable investment opportunities. Victims are directed to professional-looking — but fraudulent — websites or mobile applications that simulate legitimate investment platforms.
After individuals invest significant sums, often their life savings, the fraudster disappears, along with the invested funds.
The Global Impact
According to IOSCO, relationship investment scams are estimated to have caused losses amounting to tens of billions of dollars worldwide, making them one of the fastest-growing forms of financial fraud.
CySEC’s Commitment
CySEC remains committed to advancing financial protection and investor education. Through this campaign, CySEC seeks to:
- Raise awareness of the warning signs of relationship investment scams
- Encourage investors to exercise caution when approached with unsolicited investment opportunities
- Empower the public with the knowledge needed to protect themselves and their loved ones
As the world prepares to celebrate love and connection this Valentine’s Day, CySEC encourages the public to remain vigilant, learn how to recognise the red flags of relationship investment scams, and share this information to help prevent others from falling victim.
Protect your heart, and your money.
Learn more about romance/relationship scams here: https://shorturl.at/Ybpfh
