As Halloween nears, the Arizona Corporation Commission is cautioning residents about a rise in investment scams that use advanced technology and impersonation tactics. According to a 2025 report from the North American Securities Administrators Association (NASAA), scams involving digital assets, social media platforms, and impersonation are among the leading threats this year. The report notes that artificial intelligence has made it easier for criminals to create convincing fakes, including cloned voices and fake videos, which can lead victims to share personal information or transfer money.
In addition to online schemes, the Commission warns of in-person frauds such as “pig butchering,” where scammers build trust with victims over time before introducing fraudulent investments. Some fraudsters pose as gold traders or bankers, establish rapport online, then meet victims in person to collect cash or valuables before disappearing.
Chair Kevin Thompson stated: “Investment scams can be lurking in your text messages, phone calls, or social media accounts. This report reinforces how fraudulent schemes are growing more complex with technology advancements. This in turn requires our state Securities investigators and regulators to become more advanced in their understanding of these emerging and rapidly evolving technologies technology to unravel these schemes, while the Commission continues to promote investor education to Arizona residents to assist investors in protecting themselves from scammers.”
The Commission’s Securities Division recommends that individuals remain cautious when approached with investment opportunities through various communication channels. Residents seeking guidance on safe investing and fraud prevention can visit azcc.gov/azinvestor for additional resources.
