The Commodity Futures Trading Commission (CFTC) issued a public warning about imposters posing as officials from its Office of Inspector General, offering fake promises to recover lost money. According to the watchdog, these scammers contact individuals, often previous victims of financial fraud, claiming to represent the CFTC .
They present themselves as part of a legitimate government effort to help people reclaim funds lost in earlier scams, particularly those involving foreign accounts. The regulator urges anyone contacted by someone claiming to be from the CFTC to exercise caution.
Criminals Capitalize on Prior Fraud
Individuals should avoid sharing any sensitive information, including financial account numbers, Social Security numbers, or private keys to digital wallets. This warning adds to a troubling trend in which criminals capitalize on prior fraud to deepen losses.
“Scammers are contacting members of the public and claiming to represent the CFTC Office of Inspector General,” CFTC mentioned today. “These imposters promise to help financial fraud victims recover lost funds from foreign bank accounts, a ruse to further defraud those already harmed by previous scams.”
Read more: FSMA Warns on Scammers Impersonating to Exploit Investment Fraud Victims
By impersonating federal officials and exploiting hope for restitution, they manipulate victims into renewed vulnerability. The CFTC encourages members of the public to verify any outreach claiming to be from the agency and to report suspicious interactions.
More Warnings
In yet another warning, the CFTC cautioned the public in March about rising cases of scammers using artificial intelligence to make their fraud more convincing than ever.
According to agency, AI-generated fake images, voices, and even live video calls are reportedly being used to create elaborate financial scams. CFTC urged investors to remain cautious as AI technology has made it harder to distinguish real from fake.
“Fraudsters can use new technologies to mask their identities, not only in still photographs, say, in social media profiles, but also in video chats that alter their facial features and voices to match,” said OCEO Director Melanie Devoe. “Identifying real from fake can be difficult. The best defense is to never give money to people you only meet online.”
