The North American Securities Administrators Association (NASAA) released its annual list of top threats to retail investors today. This year, the threats include financial scams related to digital assets and cryptocurrency, as well as manipulative marketing tactics using social media apps.

Top Scams Target Investors Across Platforms

NASAA compiled the list through a survey of securities regulators across the United States and Canada. The survey results revealed that regulators are most focused on scams targeting investors through common platforms.

These include social media sites like Facebook and X, which account for 31.7 percent, text- and voice-based platforms such as Telegram and WhatsApp, which account for 31.3 percent, and video-sharing platforms like YouTube, Vimeo, TikTok, and Instagram Reels, which account for 33.1 percent.

AI-Driven Scams Rise in 2025

Regulators also expressed concern over the growing use of artificial intelligence (AI) to deceive investors. They expect a rise in 2025 of scams involving AI-generated content, such as professional graphics and videos that give fraudulent schemes an air of legitimacy, with 38.9 percent of regulators anticipating this development.

Some criminals are also using AI to create deepfake images, videos, and voices of well-known figures to trick victims, with 22.2 percent of regulators noting this trend.

"AI investing is the latest technology to make waves in the investing landscape and fraudsters are pitching new investments that often have nothing to do with the latest tech developments and instead play on fear of missing out or get rich quick schemes along with other heightened emotions," said Leslie Van Buskirk, NASAA President and Wisconsin Securities Administrator.

The report shows that bad actors are already exploiting AI in various ways. They are selling AI-powered trading bots, offering fake equity in companies, or claiming to develop AI models. Additionally, they are involved in account takeover scams and identity fraud, using stolen photos and spoofing websites and apps to mislead victims.

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Emotional Manipulation Drives Rising Investment Scams

The appeal of these scams lies in the ability to reach large numbers of potential victims quickly. Online platforms make it easy for fraudsters to distribute professionally crafted content that promotes high-return financial products. Despite the polished nature of these schemes, many promoters are not licensed by state regulators to offer securities.

Many of these scams involve emotional manipulation. For example, perpetrators of relationship or romance scams often form relationships with victims before convincing them to invest larger sums of money. Once the funds are drained, the scammer disappears. Regulators advise investors to check with their state or provincial regulator before engaging in any investment opportunities.