CFTC Launches Partnerships Tackling Pig Butchering Scams

cryptonews.com:

The Commodity Futures Trading Commission (CFTC) announced two new partnerships on September 11 aimed at combating pig butchering scams across the United States.

The CFTC’s Office of Customer Outreach and Education (OCEO) has initiated these partnerships to protect potential victims from these increasingly damaging fraud schemes.

According to the CFTC’s statement, the agency is collaborating with the American Bankers Association Foundation and private regulators to distribute an infographic designed to educate consumers about the risks and tactics of pig butchering scams.

Crypto #investment or “relationship” scams are on the rise and @CFTC is releasing a prevention brochure in partnership with @ABABankers, @FBI, @FinCENnews, @FINRA, @HSI_HQ, @IRSnews, @SecretService, and @SEC_Investor_Ed. Learn more: https://t.co/Rc10CxD6An pic.twitter.com/W3SWNieJs3

In addition, the CFTC is working with the U.S. Securities and Exchange Commission’s (SEC) Office of Investor Education and Advocacy, the Financial Industry Regulatory Authority, and the North American Securities Administrators Association to create an investor alert.

This alert seeks to provide clear guidance on how pig butchering scammers manipulate victims into trusting them before defrauding them of their assets.

“Partnering with federal and state regulators as well as consumer protection groups and other organizations helps spread the CFTC’s customer education message and hopefully reaches people before they can get scammed,” said Melanie Devoe, Director of the CFTC’s Office of Customer Education and Outreach.

“These partnerships focus on a relationship confidence fraud, commonly referred to by perpetrators as ‘pig butchering,’ which is estimated to cost Americans billions