A CFTC announcement states that the American Bankers Association Foundation, a “private regulator,” and other federal agencies are collaborating with the OCEO to design and distribute an infographic helping viewers identify and avoid “pig butchering” schemes. The OCEO is also working with other groups, including the Office of Investor Education and Advocacy of the U.S. Security and Exchange Commission, to create an investor alert concerning pig slaughtering frauds.

“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. These partnerships focus on a relationship confidence fraud the perpetrators commonly refer to as ‘pig butchering,’ that is estimated to cost Americans billions each year,” said Melanie Devoe, Director of Customer Education and Outreach.

In the past year, pig butchering frauds have progressively supplanted Ponzi schemes as thieves seek more focused targets to maximize benefits.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post CFTC Teams Up to Fight Crypto Scams and Pig Butchering appeared first on Coin Engineer.