How to Protect Yourself from Pig Butchering Scams

Is that person you met online a crypto con artist? Protect your heart – and your wallet!

In so-called “pig butchering” scams, fraudsters “fatten up” their victims before “slaughtering” them. It’s an ugly term for an even uglier scam that preys on emotions and financial aspirations, leaving victims with devastating losses. In this article, we’ll expose the tactics of pig butchering scams and equip you with the knowledge to protect yourself.

What Is the Pig Butchering Scam?

This long con is a sophisticated cybercrime that combines elements of romance scams and investment fraud. The fraudster, often posing as a successful and attractive person, initiates contact with the victim through dating apps, social media, or messaging platforms. They invest time and effort to gain the victim’s trust, engaging in seemingly genuine conversations. Once an emotional connection is established, the scammer subtly introduces the topic of investments. They often flaunt their own supposed wealth and success, creating an illusion of expertise and enticing the victim with the promise of significant financial gains. Lured by the promise of quick and easy profits, the victim is persuaded to invest increasing amounts of money into fraudulent platforms controlled by the fraudster.

Example of the Scam

A fraudster connects with Sally on a dating app. He charms her with thoughtful conversations and compliments, gradually building a romantic connection. After weeks of communicating, he casually mentions his successful crypto investments. He shares screenshots of his portfolio and talks about the potential for high returns. Sally, intrigued by the possibility of financial gain, expresses her interest. The fraudster guides her to a plausible crypto platform, helping her set up an account and make her first investment. As Sally sees initial profits, she becomes more confident and invests larger sums. However, when she tries to withdraw her earnings, she discovers the platform is fake and the fraudster has disappeared with her money.

Tips for Protecting Yourself

To avoid falling victim to this scam, follow these guidelines:

• Be wary of unsolicited advances. Exercise caution when receiving unexpected messages or friend requests from strangers online. Scammers often use attractive profiles and fake identities to lure victims.
• Protect your personal information. Never share sensitive details like your financial information, Social Security number, or home address with someone you haven’t met in person and established trust with.
• Research investment opportunities. Be skeptical of anyone who promises quick and easy wealth. Conduct thorough research on any investment opportunity before committing any money, and get advice from trusted financial professionals.
• Trust your instincts. If something feels too good to be true or if you feel pressured to invest, listen to your intuition and proceed with caution.

If You’ve Been Scammed

If you think you’ve been scammed, act quickly to protect yourself:

• Contact us. If your account information has been compromised or if you believe you’ve mistakenly paid a scammer, let us know.
• Report the scam to the FTC. File a report with the Federal Trade Commission at ReportFraud.FTC.gov and your local law enforcement agency. Your report can help them track down scammers and prevent others from becoming victims.
• Report the scam to your state attorney general. You can find their contact information at naag.org.
• Cut off all communication with the scammer. Don’t engage in any further conversations or interactions; this will only prolong the scam and potentially lead to further losses.

At TVFCU, protecting your financial well-being is more than a responsibility — it’s our commitment. We are dedicated to providing the highest level of security and support to safeguard your accounts and personal information.

For questions, concerns, or in-person assistance, please contact us or stop by your nearest TVFCU branch. Your peace of mind is our priority.

For more resources on the topic of fraud, click here.

SOCIAL MEDIA POSTS

That online flirtation could cost you. Learn the signs of the pig butchering scam before it’s too late. <link to article>

Too good to be true? If your new online love is pushing crypto investments, proceed with caution. <link to article>

Stay Vigilant

Safeguarding your financial information starts with staying alert and taking simple, proactive steps. Always double-check the legitimacy of apps, messages, and websites before engaging with them. Keep a close eye on your accounts so you can spot unusual activity early, and don’t hesitate to act if something feels off. Your attentiveness is one of the strongest defenses against digital scams and identity theft. For added reassurance, many members choose to enroll in TVFCU’s Perks Checking, which includes extra layers of theft protection. If anything ever seems suspicious, reach out right away – quick action can make all the difference.