Idahoans warned of 'Pig Butchering' schemes
Apr. 25—Idahoans are being warned about a scam called "Pig Butchering" — long-term schemes that combine elements of investment, romance, friendship and cryptocurrency scams to steal all the money a person possesses or can access.
The Idaho Department of Finance said in a news release that Pig Butchering "describes the 'fattening up' of a victim by building a trusted relationship over time that ends with the victim being 'butchered' for much, if not all of their life savings. A recent study highlights that over $75 billion has been lost to Pig Butchering schemes globally over the last four years."
People are encouraged to watch for red flags that include: unsolicited contact from an individual via a messaging app, text, social media or dating app; online relationships that develop quickly with frequent personal messages throughout the day; after establishing a relationship, an individual begins mentioning crypto and its profitability and being asked to download a cryptocurrency trading or investment app by a new online friend.
Department of Finance Securities Bureau Chief John Yaros said investment schemes are the "number one form of cybercrime and a major reason for that is Pig Butchering scams. It is important for Idahoans to maintain a healthy skepticism of relatively new acquaintances they meet online or via mobile devices that suggest or recommend investment opportunities."
Anyone who believes they are a victim or involved in a potential Pig Butchering scam is urged to report it immediately to the local police and the FBI's Internet Crimes Complaint Center to increase the chances of a successful resolution.
