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Description automatically generatedOffice of Indiana Secretary of State Diego Morales

200 W. Washington St. Indianapolis, IN 46204




Wednesday, June 7, 2023



Indiana Securities Division Announces Top Investor Threats of 2023


INDIANAPOLIS (June 7, 2023) – The Indiana Securities Division is reminding investors to be on the lookout for investment schemes offered through various internet, texting, and social media platforms.


The North American Securities Administrators Association (NASAA) recently released its annual list of top threats to retail investors.  The survey includes responses of enforcement officials with state and provincial securities regulators throughout the United States, Canada, and Mexico. This year, the most critical threats include financial scams tied to emerging technologies, marketing tactics designed to play on emotions, and further attempts to capitalize on changes in the economy. 


“Investigators with our Securities Division are constantly working to empower Hoosiers with the knowledge of scams and fraudulent schemes.  We want Hoosiers to be prepared and never fall victim to perpetrators who are looking to steal their hard-earned money,” said Indiana Secretary of State Diego Morales.


Indiana investors have fallen prey to frauds relating to all three of the top threats, especially fraud perpetrated online and those involving cryptocurrencies. 


  • Regulators cited digital asset frauds (62%) as the top scheme presents the most danger to the public. 
  • Romance schemes (46%) were the second most-cited threat to investors. 
  • Regulators determined social media and internet schemes (41%) as the third greatest threat to retail investors.


A recent investigation by the Indiana Securities Division case involved a crypto romance scheme for a loss of approximately $180,000.  Some scams originate out of other countries which make it harder to recoup the funds.  Perpetrators are effective because the bad actors use fear and anxiety as tools for disarming investors.  Perpetrators contact victims, often seemingly random, and develop relationships before soliciting greater and greater investments.  After draining the victim’s bank accounts, the perpetrator simply disappears with the money.






Schemes using digital platforms are effective because scammers can use online communications to reach many potential victims quickly and efficiently.  Additionally, some crypto cannot be traced and the identity of the receiver is anonymous. The most common telltale sign of an investment scam is an offer of guaranteed high returns with no risk.


“Get-rich quick schemes are typically built on empty promises and lead to empty pockets. Bad actors attempt to leverage vulnerabilities wherever they can be found.  Don’t be lured into programs offering the promise of high returns to supplement income lost because of lost income,” said Securities Commissioner Marie Castetter. 


Before making an investment decision, ask questions, do your homework, and contact the Indiana Securities Division at 317.232. 6681 for more information.



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