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Valentine’s Day tends to bring out a hopeful side in people. New matches, flirty messages and talk of a future together can fill the air. However, federal regulators warn that for some Americans, those sweet conversations can quickly lead to six-figure losses.
The Commodity Futures Trading Commission (CFTC) is using the run-up to Feb. 14 to spotlight “relationship investment scams,” a form of fraud that drains an estimated $10 billion annually from U.S. victims. The agency’s Office of Customer Education and Outreach has launched a coordinated campaign, “DatingOrDefrauding?”, to help the public spot red flags before funds leave their accounts.
Why 20+ agencies are sounding the alarm
This is not a solo effort. The Department of Justice, FBI, Securities and Exchange Commission, IRS Criminal Investigation, U.S. Secret Service and the Financial Crimes Enforcement Network are among more than 20 federal and state agencies involved.
In addition to FINRA and the National Futures Association, state regulators from Minnesota, Oregon, Washington, Wisconsin and the U.S. Virgin Islands are participating.
The message is clear: If a new online friend or romantic interest discusses crypto investing and asks for money, proceed with extreme caution.
Michael S. Selig, chairman of the CFTC, warned that foreign criminal groups are leveraging dating apps, social media, messaging platforms and AI to defraud Americans. He urged investors to use only U.S.-regulated software and intermediaries when dealing with digital assets.
Inside the multi-billion-dollar “call centers”
In the criminal underworld, these scams are often called “pig butchering.” The term describes the calculated process: Scammers “fatten up” victims by building trust over time, convincing them to invest increasingly larger sums before disappearing with the funds and cutting off all contact.
Losses have surged in recent years. These schemes cost Americans approximately $10 billion in 2025, with many orchestrated by organized crime syndicates based in Southeast Asia. Industry estimates suggest global losses could exceed $75 billion.
Many of these operations function like professional call centers. Fake profiles, polished photos, scripted chats and AI-generated voice clips provide a veneer of legitimacy. Scammers often move conversations from mainstream apps to encrypted platforms to evade detection.
The red flags of a crypto romance scam
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The Hook: The first contact is often mundane—a dating app match, a social media request or a “wrong number” text that evolves into a friendly chat.
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The Grooming: The relationship strengthens over days or weeks. The scammer shares stories of massive profits from trading crypto, foreign currencies or precious metals, often sending doctored screenshots as proof.
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The Trap: The scammer offers to “help” the victim invest. Victims are directed to trading platforms that look authentic but are controlled by criminals.
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The Loss: Early deposits may show “profits” on-screen to encourage larger transfers. However, when victims attempt to withdraw funds, they are blocked or told to pay fraudulent “taxes” and “fees.” The money is never recovered.
