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Pig Butchering Scam

Picture of Charles Berry

Happy Friday. There’s a new scam and it’s targeting your parents, keep them safe. The FBI says America has a concerning trend in cryptocurrency investment scams! "Pig Butchering" is a scam involving tricking victims into investing in cryptocurrency with the promise of high returns, only for scammers to eventually steal the invested funds and it's costing victims millions of dollars. The scammers initiate contact through social media or text messages, often feigning a personal connection, and gradually persuade the victim to invest more money. They provide false financial statements to show significant returns, but when the victim becomes suspicious and asks for their money back, the scammer disappears.

Other scams, particularly during the holiday season, such as those involving fake Amazon representatives who request personal or credit card information are dangerous too. These scams are increasingly sophisticated and often target the elderly, exploiting their trust and financial stability. The FBI advises maintaining vigilance on social media and dating apps, and to be cautious of unsolicited investment opportunities. Awareness and diligence are key in protecting oneself from these online predators. The FBI also encourages checking in with elderly relatives and friends to ensure they are not falling prey to such scams.

Stay safe

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https://www.cnn.com/2022/12/26/investing/crypto-scams-fbi-tips/index.html