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CFTC to Hold Virtual Events on Social Media Investment Fraud and AI

Press Releases Crypto News BeInCrypto CFTC to Hold Virtual Events on Social Media Investment Fraud and AI

The crisis of online fraud, and, in particular, online scams that make use of social media platforms and influencers, is out of control. Federal regulators in Washington are ramping up their efforts to raise awareness.

On October 4, the Commodity Futures Trading Commission (CFTC) will host a virtual event, “Technology and Fraud: Stopping Scams in a Digital World,” as part of World Investor Week, October 2 to 9.

The CFTC Calls Attention to Investment Scams Involving Crypto

The first panel of the event, “Exploring Effective Social Media Investment Scam Interventions,” addresses one of the most common problems of the online experience of our time.

According to the CFTC’s announcement, it aims at explaining how so many people fall victim to scams on social media. More people, the CFTC claims, than fall prey to any other type of fraud. Clearly, education about such a pervasive ill clearly meets an acute need and could not come a moment too soon.

Last year, crypto investment scams reached record levels. Especially common were those where a stranger approached someone online and persuaded the victim to invest via a website that looked legitimate.

Such scams often involve pig butchering. The bad actors cultivate their victims’ trust over time, often under bogus pretense of friendship or, more often, romance.

Last year alone, crypto investment scams cost Americans $2.57 billion, according to a Carlson Law report. The total amount lost to investment scams, full stop, came to $3.82 billion.

And in Canada, 35% of people who own and trade crypto have fallen victim to scams, according to the findings of researchers at Toronto Metropolitan University.

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Author: Michael Washburn

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