WASHINGTON, D.C. – (February 9, 2026) – As Valentine’s Day approaches, state and provincial securities regulators are warning consumers to be on guard against romance scams and so-called “relationship investment scams,” a fast-growing form of fraud that blends emotional manipulation with fake investment opportunities often perpetrated through social media.
Relationship investment scams are a particularly devastating type of romance fraud, causing reported losses in the billions. In NASAA’s annual survey of top investor threats, romance and affinity scams consistently rank among the most serious risks facing communities nationwide. And, according to the Federal Trade Commission, consumers reported $12.5 billion in investment-related scam losses in 2024, a figure that has tripled in just three years. The good news is awareness works, and sharing information can help protect the people you care about most.
“This Valentine’s Day, make sure Cupid is aiming for your heart and not your wallet,’ said NASAA President Marni Gibson. “Romance and relationship investment scams prey on trust and emotion, often leaving victims with devastating financial losses. If someone you meet online starts talking about investments, promises easy money, or pressures you to act quickly, that’s a clear warning sign,” Gibson said, adding “checking with your state or provincial securities regulator before investing can help stop a scam before it breaks both your heart and your bank account.”
Relationship scams often begin on dating apps, social media platforms, messaging apps, or through unexpected “wrong number” text messages. Criminals use fake profiles, photos, videos, and even AI-generated voices to appear attractive, credible, and successful.
Once contact is made, scammers send frequent messages to build trust and emotional attachment before asking for money. What often starts as a small request can quickly escalate into devastating financial losses.
In other cases, the bad actors often claim to have made significant profits trading cryptocurrency, precious metals, or foreign currency thanks to special knowledge or insider help. Victims are told investing is easy and are encouraged to participate—only to be directed to fraudulent trading platforms secretly operated by organized criminal groups.
These scams do not discriminate. People of all ages and backgrounds have been victimized, though individuals who live alone or spend significant time on social media or online discussion groups may be more vulnerable. Scams succeed because they exploit powerful emotions like financial stress, loneliness, excitement, or fear. While these scams have existed for years, they evolve with the headlines and technology. State regulators are increasingly seeing complaints involving digital assets and artificial intelligence.
Every state in the U.S. province in Canada, and Mexico has a securities regulator. To find yours, visit NASAA.org and click “Contact Your Regulator” at the top of the homepage. You can also visit NASAA.org for investor education resources, scam warnings, and tools to help you protect yourself and your loved ones.
– 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
