CUSTOMER ALERT

One of the latest and fastest-growing scams going around is called “pig butchering.” The fraudster “fattens the pig” by staying in contact and building trust over time, eventually luring the target into a financial trap — the “butchering” phase — during which the victim loses everything.

Here’s how the “pig butchering” scam works:

• Fraudsters reach out via text, social media, or dating websites and start to build a relationship with their targets (whether friendly or romantic).
• Eventually, the fraudster starts talking about how much money they’ve earned on their “secret” or “exclusive” cryptocurrency investments. They may promise insane returns of 20% to 40% and claim to have insider tips or family connections in the investment industry.
• They convince their target to try a small investment on their “special” app or platform.
• The fraudster makes it look like the investment was successful and encourages the target to keep investing and earning.
• Unbeknownst to victims, the fraudster controls the app or platform and will eventually take all the money and vanish.

Be suspicious of any stranger online who initiates a close personal relationship with you out of the blue. Cut off all contact if someone starts pressuring you into making risky investments, such as via cryptocurrency, especially if they promise “guaranteed” returns.

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