Scammers initiate contact via unsolicited messages, often pretending to be someone else. They build rapport and trust over time, fostering a sense of friendship or romance. Once trust is established, they introduce a seemingly lucrative investment opportunity, usually in cryptocurrency, convincing the victim to invest increasingly larger sums. Ultimately, the scammers disappear with all the invested money.
Who Is Targeted
Individuals who are lonely, seeking companionship or romance, or those interested in investment opportunities, particularly those who may be less tech-savvy or financially experienced.
Red Flags — Warning Signs
Unsolicited messages from unknown numbers.
Someone you don't know trying to build a close relationship quickly.
Promises of guaranteed high returns on investments.
Pressure to invest quickly or move money to a specific platform.
Requests for personal financial information or access to investment accounts.
How to Protect Yourself
Be wary of unexpected messages from unknown contacts
Do not engage in conversations with strangers who quickly profess affection or offer investment advice
Never send money or investment details to someone you met online
Research any investment opportunity thoroughly and consult with a trusted financial advisor before investing
Phrases Scammers Use
“Can we move lunch to 5?”“What time is our flight?”“Is this Dr. John? I'm Emily. Is my horse recovering well?”
Video: Real Example of This Scam
Pig Butchering Scams: Last Week Tonight with John Oliver (HBO)