The Commodity Futures Trading Commission (CFTC) has posted a page dedicated to the Coronavirus, or COVID-19, outlining actions the Commission has taken to mitigate the pandemic driven shock.
The “dedicated website” highlights a slew of temporary relief letters the CFTC has published during this challenging period as “the CFTC remains squarely focused on its mission to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation.”
The CFTC also mentions the heightened risk of fraud as nefarious characters are already seeking to take advantage of the stressful situation to dupe the unsuspecting.
The CFTC states:
“Fraudsters commonly use major news events, such as the spread of COVID-19, to add credibility to their cons or manipulate emotions. You can better protect yourself by learning to recognize common mental biases that everyone has, as well as common fraud tactics—and by taking a few preventative steps. Reporting frauds you encounter can also help protect others during these challenging times.”
The list of common scams posted by the CFTC is available here. As the saying goes, if it is too good to be true it probably is.