The Tribune

The Securities Commission yesterday revealed it is participating in a five-day global campaign as part of a drive to better protect Bahamians from falling victim to so-called ‘relationship’ or ‘romance’ fraud scams.

The Bahamian capital markets, investment fund and digital assets regulator, in a statement said the February 11-14 initiative - designed to coincide with Valentine’s Day - aims to raise both local and international awareness about relationship scams and the devastating impact they can have on a victim’s emotions and financial future.

Operated under various names, including romance scams; crypto investment scams; financial grooming scams; and ‘pig butchering’ scams, these frauds involve a ‘long con’ where criminals target people through wrong-number texts, dating apps and social media over time. They seek to gain their victims’ trust through friendship, romance or an offer to help them achieve their financial goals.

The Securities Commission said the campaign seeks to educate persons on how to detect relationship investment scams, and also share the information to warn others. Fraudsters use trust and emotional manipulation to defraud victims, which their success stealing an estimated $75bn annually. This figure is likely to be under-reported. 

“Bahamians face the same risks, as scammers exploit online dating platforms and social media to solicit money, cryptocurrency and investment transfers,” said Christina Rolle, the Securities Commission’s executive director. “These scams destroy both finances and trust. The Commission urges everyone to pause, verify and report suspicious investment offers to stay safe.”

The Securities Commission said ‘red flags’, which should alert potential victims that they are being targeted by scammers, include the offer of unsolicited investment advice and opportunities plus conversations that are switched from social or dating platforms to encrypted messaging apps or “an unmonitored space”.

It added that other warning signs include “a prolonged inability to meet in person” and/or repeated suggestions for investments or requests for money. The regulator urged Bahamians to protect themselves by ignoring, deleting or blocking messages from senders that they do not know, plus refusing to take investment advice from persons who “make unsolicited contact with you online or through an app or text message”.

The Securities Commission called on Bahamians to research investment opportunities thoroughly, and protect information about their identity and personal finances. It added: “Never pay money to recover your investment or to release funds.” Persons were urged to report suspected scams to https://scb.gov.bs/complaints/