SCC Cautions Virginia Investors: Don’t Let Scammers Steal Your Holiday Spirit

Don't let fraudsters take the "ho, ho, ho" out of your holiday season.

The State Corporation Commission's Division of Securities and Retail Franchising and the North American Securities Administrators Association (NASAA), of which the Division is a member, are warning investors that bad actors are preparing to unwrap a new generation of sophisticated schemes. In some cases, they simply put a new twist on existing scams.

According to NASAA's 2025 Enforcement Report, state securities regulators conducted over 8,800 active investigations in 2024, leading to more than $259 million in monetary fines and restitution. At the Virginia SCC, in 2024 the Division received 238 complaints and conducted 149 investigations leading to 14 civil enforcement actions and $381,000 in penalties and monetary relief for the benefit of investors. Nationwide, data reveals that while scammers are using new technologieslike artificial intelligence to dress up their schemes, the goal remainsthe same: separating victims from their hard-earned money.

"Rapid technological advancements and the rise of artificial intelligence give scam artists new tools to steal your money," said Division Director Doug Joyce. "Not every investment offer is what it seems, and many bogus offers prey on investors' fear of missing out."

Joyce encourages Virginia investors to check every investment opportunity twice, as well as the person offering it,so you don'twind up with a stocking full of coal.

Based on data from NASAA's 2025 Enforcement Report and its annual survey of top investor threats, the Division cautions Virginians regardingthe schemes below:

• Affinity or "pig butchering" scheme: A major focus of 2025 enforcement, this scheme combines romance and finance. Scammers befriend victims online, build trust over time, and convince them to invest heavily in fake platforms before disappearing with the funds.
• Scams targeting older investors: In 2024, regulators nationwide investigated over 1,600 cases involving senior victims. Older investors are specifically targeted with traditional scamsinvolving promissory notes and equities, as well as newer digital frauds.
• Unregistered solicitors: Despite professional-looking websites and pitches, many sellers are not licensed. In 2024, regulators nationwide opened 944 investigations involving unregistered individuals.

In Virginia, you can find more information about protecting your investments and how to report suspected investment fraud at InvestWiselyVA.com or by calling 804-371-9051 or 1-800-552-7945 (toll-free). Learn about other top investor threats in this NASAA advisory.

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Contact: Katha Treanor, 804-371-9141

Source URLs: https://www.scc.virginia.gov/consumers/consumer-investments/https://https://www.nasaa.org/78329/holiday-investor-threats-nasaa-top-12/?qoid=current-headlines