STATE OF HAWAIʻI
KA MOKU ʻĀINA O HAWAIʻI
JOSH GREEN, M.D.
GOVERNOR
KE KIAʻĀINA
DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
KA ʻOIHANA PILI KĀLEPA
NADINE Y. ANDO
DIRECTOR
KA LUNA HOʻOKELE
BUSINESS REGISTRATION DIVISION
TY Y. NOHARA
COMMISSIONER OF SECURITIES
DON’T LET SCAMMERS STEAL YOUR HOLIDAY SPIRIT
Commissioner of Securities Unveils the 12 Top Investor Threats
FOR IMMEDIATE RELEASE
December 18, 2025
HONOLULU – The state of Hawaiʻi Department of Commerce and Consumer Affairs (DCCA) Business Registration Division and the North American Securities administrators Association (NASAA) is warning consumers that bad actors are preparing to unwrap a new generation of sophisticated schemes. Drawing on data from NASAA’s 2025 Enforcement Report and annual survey of top consumer threats, DCCA’s Commissioner of Securities, Ty Y. Nohara, has identified top consumer frauds and threats to watch out for this holiday season.
According to NASAA’s 2025 Enforcement Report, state securities regulators conducted over 8,800 active investigations in 2024, leading to more than $259 million in monetary fines and restitution. The data reveals that while scammers are using new technologies like Artificial Intelligence (AI) to dress up their schemes, the goal remains the same: separating victims from their hard-earned money.
“The rapid growth of technology and the rise of artificial intelligence gives scam artists new tools to steal your money,” Nohara said. “Fraudsters are pitching new investments that often have nothing to do with latest tech developments and instead play on fear of missing out.”
commissioner Nohara urges investors to review the following list of threats and check it twice to make sure you do not wind up with a stocking full of coal.
Hawaiʻi Investors Warned of Rising Financial Fraud, Including AI-Powered Scams
HONOLULU, HI – December 18, 2024 – The Hawaiʻi Department of Commerce and Consumer Affairs (DCCA) is alerting investors to a surge in financial fraud, including increasingly sophisticated schemes leveraging artificial intelligence (AI). The warning is based on findings from the 2025 NASAA (North American Securities Administrators Association) Enforcement Report, which details emerging trends in investment fraud across the United States.
The report highlights a important increase in scams targeting vulnerable investors, with fraudsters employing new technologies to enhance their deceptive practices. According to the NASAA report,enforcement actions taken by state and provincial securities regulators in North America resulted in over $1.4 billion in restitution and penalties.
Here are some of the key fraud trends identified in the report:
* Investment-Related Frauds: Scammers are increasingly using promissory notes and equity offerings to defraud investors. These schemes often involve unregistered securities and false promises of high returns.
* Account Takeovers: criminals are utilizing AI and phishing techniques to gain control of existing financial and social media accounts. Once compromised,these accounts are used to solicit money from the victim’s contacts,often under the pretense of an emergency.
* Website and App Spoofing: AI is being used to create remarkably realistic clone websites and apps that mimic legitimate financial institutions. These “spoofed” platforms are designed to steal login credentials and financial information from unsuspecting users.
* Unregistered Solicitors: Many individuals selling investment opportunities are operating without proper licensing or registration.In 2024, regulators initiated 944 investigations involving unregistered individuals. https://www.nasaa.org/wp-content/uploads/2025/10/2025-NASAA-Enforcement-Report_FINAL.pdf
“Investors need to be extremely vigilant and skeptical of unsolicited investment offers, especially those promising high returns with little to no risk,” said William Nhieu, Communications Officer for the DCCA.”The use of AI is making these scams more convincing than ever before, so it’s crucial to do your research and verify the legitimacy of any investment opportunity.”
The DCCA encourages investors to protect themselves by:
* Checking Registration: Verify the registration of investment professionals and firms through the DCCA’s Business Registration Division Securities website: https://cca.hawaii.gov/sec/.
* Being Wary of Unsolicited Offers: Be cautious of investment opportunities presented through unsolicited emails, phone calls, or social media messages.
* Verifying Information: Independently verify any information provided by an investment professional,including their credentials and the details of the investment.
* Understanding the Risks: Fully understand the risks associated with any investment before committing any funds.
Media Contact:
William Nhieu
communications Officer
Department of Commerce and Consumer Affairs,State of hawaiʻi
Phone: 808-586-7582
Email: [email protected]