Don’t be Fooled by Masks or Disguises.
WASHINGTON, D.C. – (October 29, 2025) – As Halloween approaches, the North American Securities Administrators Association (NASAA) reminds the public to stay alert for scammers whose tricks include impersonating government officials, law enforcement, or so-called financial experts.
According to NASAA’s 2025 Enforcement Report, scams involving digital assets, social media, and impersonation are among the top threats this year with artificial intelligence (AI) making it easier for criminals to create convincing online fakes. Fraudsters can easily clone voices, generate fake videos, and impersonate trusted individuals or organizations to trick victims into sharing personal information, transferring money, or granting remote access to devices. These scams are increasingly polished, personalized, and difficult to detect until after significant losses occur.
Investors should also be vigilant for in-person scams. In a recent case, investigators arrested a suspect who traveled across the country to collect hundreds of thousands of dollars from a victim who believed they were investing in cryptocurrency. The case is part of a scheme commonly known as “pig butchering” where criminals build trust with victims before luring them into fraudulent investments. Other reports describe so-called “gold traders” or “bankers” who contact victims online, build rapport, and later arrive in person to collect cash, gold, or gift cards under false pretenses.
“An investment scam may be lurking in your text messages, phone calls, or social media accounts,” said NASAA President Marni Gibson. “Always verify requests for money or personal information and never engage with suspected fraudsters. Even small interactions can have serious consequences,” President Gibson added.
NASAA offers the following tips to protect yourself from investment fraud:
- Verify before you invest: Check the registration of investment professionals and firms in your state or province. Find your regulator here.
- Be skeptical of unsolicited offers: Scammers often use social media or messaging apps to lure victims.
- Don’t rush: High-pressure tactics are a red flag.
- Report suspicious activity: Contact law enforcement or your local securities regulator to file a complaint.
– NASAA–
About NASAA:
Organized in 1919, the North American Securities Administrators Association (NASAA) is the oldest international organization devoted to investor protection. NASAA is a voluntary association whose membership consists of the securities regulators in the 50 states, the District of Columbia, Puerto Rico, Guam, the U.S. Virgin Islands, the 13 provincial and territorial securities regulators in Canada, and the securities regulator in México. For more information, visit www.nasaa.org.
For More Information:
Fred Baldassaro, Director of Communications
fbaldassaro@nasaa.org | 202-737-0900
Karen Grajales, Manager, Communications and Investor Outreach
kgrajales@nasaa.org | 202-737-0900
