The Commodity Futures Trading Commission’s Office of Customer Education and Outreach (OCEO) and Office of Technology Innovation (OTI) have announced a virtual event titled “Technology and Fraud: Stopping Scams in a Digital World.” The event is scheduled for Wednesday, October 4, and is part of World Investor Week, a global effort to raise awareness about the importance of investor education and protection. Attendees will have the opportunity to hear discussions from experts on two panels, focusing on social media-driven investment fraud and the role artificial intelligence (AI) plays in online fraud.
The event is open to financial educators, innovators, regulators, and anyone with an interest in these issues. Registration is free and can be done via the event’s webpage. The panels will begin at noon EDT on October 4.
The first panel, “Exploring Effective Social Media Investment Scam Interventions,” aims to help participants understand the reasons behind more people losing money to frauds on social media compared to other forms of engagement. The panel will review current fraud trends, including romance scams and digital commodity-related frauds, and discuss the social media mechanisms that enable fraud targeting.
The second panel, “Is AI for Investors Road-Ready?,” will feature financial regulators and experts discussing the questions investors have about AI-fueled financial services. The panel will address concerns such as whether AI is ready to take the wheel, what to look out for, and how to identify if one is being scammed.
OCEO Associate Director Dan Rutherford emphasizes the need for awareness of social media-enabled fraud, explaining that fraudsters can leverage platforms and other methods to draw smart, rational people into bad decisions. The social media panel aims to shed light on the scale of social media investment fraud, discuss the latest scams and their psychology, and provide insights for educators, policymakers, and industry professionals.
OTI Director and panelist Jorge Herrada highlights the promise and pitfalls of AI technology. As AI emerges, Herrada believes that education is critical to understand its capabilities, appropriate usage, and how to avoid being scammed.
The Office of Customer Education and Outreach (OCEO) is dedicated to helping customers protect themselves from fraud or violations of the Commodity Exchange Act by developing effective financial education materials and initiatives. OCEO engages in outreach and education to retail investors, traders, industry organizations, and the agricultural community, often partnering with federal and state regulators and consumer protection groups. More information about their educational efforts can be found on the CFTC’s Learn & Protect webpage.
The Office of Technology Innovation (OTI) serves as the CFTC’s financial technology innovation hub, promoting change and enhancing knowledge through innovation, consulting/collaboration, and education (ICE). OTI supports the Commission’s regulatory oversight and mission critical functions, and advocates for responsible innovation, industry collaborations, and public outreach and education.