ACAMS New Jersey Chapter May 2025 Virtual Event: Relationship Investment Scams

Overview

In 2024, losses to crypto-asset-related investment frauds rose to $5.8 billion. A large part of that total is due to relationship investment scams, a sophisticated online confidence scam (a.k.a. pig butchering) operated by international criminal gangs. Fraudsters contact victims through wrong number texts, dating apps, or through commonly used social media platforms. The fraudsters befriend victims and pose as attractive and rich strangers who have made their wealth due to trading. After weeks of texting, the scammer will encourage the victim to invest. Once the victim has nothing left to invest, his/her money and friend will disappear.

Join the NJ Chapter of ACAMS to hear from the Secret Service and the Commodity Futures Trading Commission as to resources available to warn your customers and how to work with law enforcement to reduce financial losses to these scams.