CFTC webinar warns of ‘pig butchering’ romance investment scams, urges reporting
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Summary
At a CFTC-hosted webinar, agency and advocacy experts described 'pig butchering' romance-investment scams that cultivate trust to push victims into fake crypto platforms, cited multibillion-dollar reported losses, and urged reporting to law enforcement, IC3 and platform tools.
The Commodity Futures Trading Commission hosted a webinar on scam prevention for online dating where agency and consumer advocates warned that so-called 'pig butchering' or relationship-investment scams are growing and often target people by building long-term trust before pushing victims into fake trading platforms. Melanie DeVoe, senior advisor in the CFTC office of customer education and outreach, opened the event and said the agency is using outreach to help Americans recognize commodity-related scams.
The warning came with numbers. DeVoe cited FBI figures showing reported losses from crypto-asset related investment scams in 2024 in the billions (she said about $5,800,000,000). Amy Novsicker, senior director of fraud victim support at AARP's Fraud Watch Network, said the AARP helpline fielded roughly 98,000 calls in 2025 from people reporting fraud or seeking help, underscoring the scale of the problem.
Why it matters: speakers said criminals cultivate emotional relationships, then steer victims toward investments or requests for prepaid cards, cryptocurrency or other transfers. DeVoe described a pattern in which scammers show fake profits on a fabricated trading site and then disappear with victims' funds once they have invested heavily.
What to watch for: Kenna, senior trust and safety operations manager at the dating site Our Time, advised three core red flags—speed (excessive flattery or pressure to move off-platform), urgency (pressure to send money or invest quickly) and secrecy (requests to keep the relationship private or discourage trusted friends from seeing messages). Novsicker added that scammers often profess love quickly, avoid in-person meetings and sometimes present a third-party 'crypto expert' as cover for asking victims to invest.
Practical steps: Our Time recommended staying on the app so platform safety tools and reporting can act, protecting personal and financial information, never sending money, gift cards or cryptocurrency to someone you have not met in person, and meeting in public places when ready. AARP advised victims to stop communicating with suspected scammers and to consult law enforcement about investigative steps.
Where to report: webinar speakers recommended reporting to local law enforcement, filing complaints at IC3 (ic3.gov), using platform reporting tools, and contacting specialized supports such as AARP's Fraud Watch Network (aarp.org/fraudsupport). DeVoe directed listeners to CFTC resources at cftc.gov/learn-and-protect and cautioned about recovery and money-mule scams that ask victims for more money or to move funds through accounts they control.
The webinar concluded with a request that attendees share the information with at least one other person to help prevent further victimization.
