CySEC joins global campaign against romance and investment scams

The Cyprus Securities and Exchange Commission (CySEC) announced on Friday its participation in a global awareness campaign led by the International Organisation of Securities Commissions (IOSCO). The initiative, timed for Valentine’s Day, focuses on romance scams, also known as "pig butchering" or crypto investment fraud. These schemes involve a "long con" where perpetrators build trust via social media, dating apps, or unsolicited messages by posing as romantic partners or financial mentors. Once trust is established, victims are lured into investing in fraudulent platforms that mimic legitimate services. According to IOSCO, such scams have resulted in global losses totaling tens of billions of dollars. The campaign aims to help the public recognize warning signs and protect their financial security. CySEC emphasizes that these frauds are among the fastest-growing types of financial crime worldwide. The regulator remains committed to enhancing investor protection and financial education to prevent such severe financial consequences.