The Spanish Securities Commission has published an investor alert on romance or “affective” investment scams, in which fraudsters build online relationships and then steer victims into supposed investments in cryptoassets, gold or foreign exchange via apps that show fabricated high returns and later prevent withdrawals. The alert notes that these scams can affect anyone and often exploit loneliness and financial stress. It lists red flags including relationships that escalate quickly, repeated excuses to avoid meeting in person, reluctance to video call or use of artificial intelligence in video content, moving conversations to encrypted messaging, early requests for money or investment discussions, promises of high returns with little or no risk, pressure to act quickly, insistence on using an unfamiliar platform, barriers to cashing out including demands for upfront “taxes” or “fees”, and attempts to isolate the victim from friends and family. CNMV advises ignoring and blocking unknown contacts, not making investment decisions based on unsolicited approaches, researching opportunities independently, protecting financial and identity information, avoiding suspicious downloads, and never paying to recover an investment; suspected victims are urged to cease contact, stop sending money, and report the matter to CNMV and law enforcement while retaining supporting documentation.

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