Nicosia, Cyprus. The Cyprus Securities and Exchange Commission on Friday said it is joining the International Organisation of Securities Commissions in a pre-Valentine’s Day global awareness campaign to combat relationship investment scams. CySEC said the initiative aims to highlight the growing sophistication of such schemes and their severe consequences for investors’ financial security.
Campaign focus and scam methods
CySEC said the schemes, also referred to as romance scams, crypto investment scams, financial grooming scams or “pig butchering” scams, are a calculated “long con.” Fraudsters commonly make first contact through wrong-number text messages, dating applications or social media platforms.
They then cultivate trust by presenting themselves as friends, romantic partners or financial mentors offering support in achieving investment goals. After establishing a relationship, scammers introduce what they claim are lucrative investment opportunities and direct victims to convincing but fraudulent websites or mobile applications designed to mimic legitimate platforms.
Financial impact and warning signs
CySEC said that once substantial amounts of money have been transferred, in many cases representing victims’ life savings, the fraudsters vanish and the funds cannot be recovered. IOSCO estimates these scams have led to losses of tens of billions of dollars worldwide, ranking them among the fastest-growing forms of financial fraud globally.
As part of its commitment to investor protection and financial education, CySEC said it is using the campaign to strengthen public awareness and resilience. The authority said it aims to draw attention to warning signs, urge caution when people are approached with unsolicited investment proposals, and equip the public with tools to safeguard themselves and their loved ones.
Have you been approached with an unsolicited investment proposal through a text message, dating app, or social media platform?
