The North American Securities Administrators Association (NASAA) has raised concerns about the increasing prevalence of cryptocurrency and social media scams targeting retail investors in 2025. According to a recent statement released by NASAA on March 6, state and provincial regulators in the United States and Canada have identified these scams as a top threat to investors.
The survey conducted by NASAA revealed that fraudsters are utilizing social media platforms such as Facebook, Telegram, WhatsApp, TikTok, Instagram Reels, YouTube, and Vimeo to lure in unsuspecting victims. Approximately 32% of scams originated on platforms like Facebook and X, while messaging services like Telegram and WhatsApp accounted for another 31% of reported scams. Short-form video content on platforms like TikTok and Instagram Reels made up 19% of the total, with longer video formats on YouTube and Vimeo comprising 14% of the scams.
NASAA highlighted the use of “slick professional imagery and videos” by scammers to create a façade of legitimacy for fraudulent investments. In addition to these tactics, the association also warned about scams that prey on emotions, such as high-pressure “get rich quick” schemes and romance and affinity fraud, commonly known as pig butchering scams.
The President of NASAA, Leslie Van Buskirk, emphasized the importance of conducting thorough research before investing and cautioned investors to be wary of opportunities that seem too good to be true. Amanda Senn, Co-Chair of the NASAA Enforcement Section Committee, advised the public to verify the registration status of entities before engaging with them.
NASAA also expressed concerns about the increasing use of artificial intelligence (AI) in scams. Nearly 39% of regulators anticipate fraudsters using AI-generated content, including professional-looking graphics and videos, to establish false credibility. Additionally, 22% foresee a rise in deepfake scams, where criminals impersonate celebrities or trusted figures to deceive investors.
In recent years, deepfake scammers have posed as prominent figures like Elon Musk and Tim Cook to promote fake crypto investment schemes. Research conducted by crypto exchange Bitget revealed a 245% surge in deepfake scams in 2024. These scams have caused significant financial losses to investors, with blockchain forensic firm Chainalysis reporting a 210% increase in deposits to pig butchering scams in 2024, resulting in over $3.6 billion in losses.
As the landscape of crypto and social media scams continues to evolve, NASAA urges investors to remain vigilant and exercise caution when engaging with investment opportunities online. By staying informed and conducting due diligence, investors can protect themselves from falling victim to fraudulent schemes.