BOISE, Idaho — For the Idaho Department of Finance's Financial Literacy Tip of the Week, officials warn Idahoans of scams dubbed "pig butchering."
The Idaho Department of Finance (IDOF) said "pig butchering" scams involve the criminal tricking the victim into trusting them by building a relationship, either romantically or platonically, and then tricking the individual and stealing their money.
The scams are typically long-term schemes and combine various fraudulent tactics pertaining to finances, incorporating investment scams, Bitcoin purchases and fake cryptocurrency transactions.
IDOF said the term originated in Asia and was dubbed "pig butchering" as it drew parallels between a pig being "fattened up" prior to slaughter, and a criminal "prepping" and building up trust with their scam victim prior to "butchering" their financial nest egg.
Worldwide, over $75 billion has been lost as a result of pig butchering schemes over the last four years, according to IDOF.
Idahoans are encouraged to be vigilant and aware of red flags pertaining to the following:
- Unsolicited contact from an individual via a messaging app (e.g., WhatsApp), text, social media or dating app.
- Online relationships that develop quickly with frequent personal messages throughout the day.
- An individual mentioning cryptocurrency trade.
- A new online friend discussing personal finances/purchases/vacations.
- A new online friend asks you to send money.
"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," said IDOF Securities Bureau Chief John Yaros.
"All investors must be aware of Pig Butchering scams and take the necessary steps to protect themselves. These are sophisticated scams that are significantly impacting Idahoans," said IDOF Director Patti Perkins.
If you believe you are a victim or involved in a potential scam, report it to the IDOF Securities Bureau, local law enforcement, or the FBI's Internet Crimes Complaint Center.
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