The North American Securities Administrators Association (NASAA) has raised concerns about the increasing prevalence of crypto and social media scams. NASAA stated that scammers are targeting investors through platforms such as Facebook, Telegram, and TikTok, using slick videos and imagery to make fraudulent investments appear legitimate. The association also warned about scams that play on emotions, including romance scams and affinity fraud. NASAA advised investors to investigate before investing and to be cautious of opportunities that seem too good to be true. The association also expressed concerns about the use of artificial intelligence in scams, with regulators expecting fraudsters to use AI-generated content to establish false credibility. Deepfake scams, where criminals impersonate celebrities or trusted figures, are also a rising concern. These scams have caused billions of dollars in damages to the crypto industry, particularly pig butchering scams.



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