The North American Securities Administrators Association (NASAA) has issued a stark warning about the growing threat of cryptocurrency and social media scams, emphasizing the increasingly deceptive tactics used by fraudsters to exploit investors.
In a March 6 statement, NASAA identified these scams as a top risk for retail investors in 2025, citing findings from a survey of state and provincial regulators across the United States and Canada.
The survey revealed a troubling trend: scammers are increasingly targeting investors through social media platforms. Nearly 32% of suspected fraud cases originated on platforms like Facebook and X, while another 31% were linked to messaging apps such as Telegram and WhatsApp. Short-form video platforms, including TikTok and Instagram Reels, accounted for 19% of scams, while longer formats like YouTube and Vimeo contributed to 14%.
NASAA cautioned that fraudsters are leveraging professional-grade visuals and videos to create the illusion of legitimacy. Beyond polished content, scammers are also exploiting emotions through high-pressure investment schemes and romance scams, commonly known as pig butchering. They also warned that AI-generated content is likely to fuel more scams, with 39% of survey respondents anticipating increased use of AI-driven deception.
In response to these growing threats, NASAA President and Wisconsin Securities Administrator Leslie Van Buskirk urged investors to “investigate before you invest” and to remain sceptical of opportunities that seem “too good to be true.” Meanwhile, NASAA Enforcement Section Committee Co-Chair Amanda Senn advised the public to verify an entity’s registration status before engaging in any financial transactions.
Despite rising concerns, crypto phishing losses declined for the third straight month in February 2025. According to ScamSniffer data, losses dropped 48% to $5.32 million from January’s $10.25 million. A March 5 X thread reported that 7,442 victims fell prey to phishing scams in February, down from 9,220 in January. Despite this decline, targeted attacks remain the most damaging, with scammers refining sophisticated tactics such as address poisoning scams to exploit unsuspecting users.
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