Washington, D.C. – The Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ) convened the first Fraud Disruption Conference on July 11, 2024, to address the escalating problem of “pig butchering” fraud. This type of scam, which involves building relationships with victims online before defrauding them of investment funds, is estimated to cost Americans billions of dollars annually.
The conference brought together over 300 federal regulators and law enforcement officials from more than 15 agencies, including the FBI, Social Security Administration, SEC, and U.S. Attorneys’ Offices for D.C. and Massachusetts. The goal was to develop strategies to prevent victimization, disrupt fraudulent operations through technology, and enhance collaborative enforcement efforts.
CFTC Chairman Rostin Behnam emphasized the agency’s commitment to customer protection and combating retail fraud. “It is devastating to hear countless stories of everyday Americans being targeted and defrauded by global criminal organizations,” he stated. DOJ NCET Director Claudia Quiroz also participated, highlighting the coordinated approach to tackling this growing threat.
Discussions centered on proactive measures to safeguard potential victims, leveraging technological tools to interrupt the flow of funds, and streamlining enforcement actions. An anti-victimization messaging campaign is also being developed to raise public awareness about emerging fraud threats. The CFTC plans to host a series of similar conferences focused on various financial frauds.
The CFTC and DOJ urge anyone who believes they have been a victim of cryptocurrency investment fraud to report it to the Internet Crime Complaint Center (IC3) at www.IC3.gov. Victims are advised to provide detailed information, including platform names, cryptocurrency addresses, transaction hashes, bank account details, and any contact information for suspected scammers, and to retain copies of all communications and financial records.
Source: CFTC.gov
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