FOR IMMEDIATE RELEASE FROM
THE WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS

Monday, Feb. 10, 2025
CONTACT: Lyn Peters, DFI Director of Communications
PH 360-902-8731, [email protected]

Dating Or Defrauding

“Dating or Defrauding?” — Washington taking part in national awareness effort warning people of the financial risks associated with online relationship scams

Washington DFI joins partners throughout the country promoting awareness of fraud perpetrated via text, social media, dating apps, and other online methods

Olympia – The Washington State Department of Financial Institutions (DFI) is pleased to partner with multiple federal, state, and nonprofit agencies throughout the country this month to alert people to the dangers of online relationship scams and financial fraud.

Over the coming weeks, the interagency “Dating or Defrauding?” social media awareness campaign cautions Americans to be skeptical of any request from online acquaintances for cryptocurrency, gift cards, wire transfers, or other forms of payment.

Other warning signs of a potential Romance Scam include:

  • A prolonged inability to meet in-person.
  • Moving conversations off social or dating platforms to encrypted messaging apps.
  • Repeated suggestions for investments or requests for money.

This nationwide collaboration will provide information about how to recognize relationship investment scams, what to do if you are affected, and why it’s important to share the information to warn others.

“It feels like we see a new variation on financial scams aimed to rob people of their hard-earned money nearly every day,” DFI Director Charlie Clark said. “We use multiple methods to warn Washingtonians. We post consumer alerts online, share tips on social media, and we continue to update our fraud prevention website dfi.wa.gov/10B. This campaign helps us amplify the message for people to be cautious, ask questions, and verify the answers they get.”

“Today, criminals are better able to hide their identities, create more fake profiles, phishing emails, and more convincing scam websites than ever before,” said OCEO Director Melanie Devoe. “The prevalence of online dating, social media, messaging apps, and the internet also make it much easier for criminals to reach people in the United States. Valentine’s Day and the following weeks provide an excellent opportunity to remind people that criminals are using social media, dating, and messaging apps to scam Americans. We ask you to be alert, and to help stop scams by warning your friends and family.”

During the campaign, participating organizations will use the #DatingOrDefrauding hashtag and direct users to helpful resources. In addition to the CFTC, participating agencies include:

  • Federal agencies: FBI, Federal Deposit Insurance Corporation Office of Inspector General, Federal Trade Commission, Financial Crimes Enforcement Network, Social Security Administration Office of the Inspector General, and U.S. Postal Inspection Service.
  • State agencies: Arizona Corporation Commission, U.S. Virgin Islands Office of the Lieutenant Governor, Oregon Division of Financial Regulation, Washington State Department of Financial Institutions, and Wisconsin Department of Financial Institutions.
  • Non-governmental organizations: FINRA and NFA.

About Relationship Investment Scams

Relationship investment scams are a recent type of romance fraud, causing reported losses to the FBI of nearly $4 billion in 2023. Called “pig butchering” by the perpetrators, criminals use dating apps, social media platforms, messaging apps, and even random “wrong number” text messages to target possible victims. The scammers are known to use fake profiles, images, videos, and voices to make themselves appear attractive and professional, and once introduced, they send frequent messages to build relationships. These new online “friends” claim to have made a lot of money trading cryptocurrency, precious metals, or foreign currency, thanks to special knowledge or insider help. The scammers talk about how easy it is and offer to help victims earn extra money. Victims are then directed to fraudulent trading platforms operated by the same organized criminal gangs.

These scams do not discriminate and have victimized people of all ages. People who live alone or spend a lot of time on social media or in discussion groups tend to be more vulnerable to fraud. Scams work because they appeal to unmet needs or emotions, like financial stress, excitement, or fear. The good news is that awareness can reduce victimization. Sharing information could help protect those closest to you.

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About DFI ▪ www.dfi.wa.gov ▪ 360-902-8700 ▪ 877-RINGDFI (746-4334)

The Washington State Department of Financial Institutions regulates a variety of financial service providers such as banks, credit unions, mortgage brokers, consumer loan companies, payday lenders and securities brokers and dealers. The department also works to improve financial education throughout Washington through its outreach programs and online clearinghouse www.dfi.wa.gov/financial-education. In addition to posting information about licensees and administrative actions, DFI uses the Web and social media to provide financial education information: www.facebook.com/wadfi ■ www.instagram.com/wastatedfi/ ■ twitter.com/dficonsumers ■ https://dfi.wa.gov/financial-education/blog ■ https://www.youtube.com/user/WADFI ■ www.homeownership.wa.gov ■ www.linkedin.com/company/state-of-washington-department-of-financial-institutions/

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