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Avoid Scams: Pig Butchering

Pig butchering scams involve fraudsters gaining the trust of victims, oftentimes via a fictitious romantic relationship, and duping them into making investments into fake cryptocurrency projects. These schemes typically begin with a victim meeting someone on an online dating website. Alternatively, a victim may receive a random unsolicited message on social media, via text, or through a messaging application, with the conversation eventually appearing to turn romantic. The victim will then be convinced to begin transferring money to an alleged cryptocurrency investment opportunity recommended by the scammer. The scammer will eventually highlight seemingly impressive monetary gains from initial investments and encourage the victim to invest increasingly larger amounts, ultimately resulting in financial ruin to the victim.

 

How to Protect Yourself

 

 

 

  • Be wary of situations in which you have met someone online, particularly on social media or online dating websites, and who subsequently provides unsolicited financial, investment, or cryptocurrency advice. 

  • Be cautious of random messages received via text or messaging apps from unknown numbers that attempt to strike up a friendly conversation with you. 

  • Red flags include perceived “friends” or “romantic partners” who you have met online but who can seemingly never meet in person and avoid showing themselves on video calls. 

  • Shield yourself from scenarios in which you are encouraged to open an account on a cryptocurrency training platform and to transfer funds from your bank account to invest in cryptocurrency projects. Never share personal financial information with individuals you have not met in person. 

  • Warning signs that you are a victim of a scam also include notifications, messages, or websites indicating that you have made large amounts of money in a short time period. 

  • Conduct searches via Internet search engines to attempt to identify any online reports flagging particular cryptocurrency projects of interest as scams. 

  • Immediately cease all communications if requested to pay more money or provide your passport or identifying documents in order to “unlock” your investment account or receive your profits. 

  • Do not be embarrassed about being a victim. Immediately report this fraud to your local law enforcement agency.

 

Investment Fraud Victim Resources 

If you suspect you are a victim of pig butchering, contact your local Secret Service field office.

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