09/10/2024 | Press release | Distributed by Public on 09/11/2024 07:48
What You Should Know
Crypto* investment scams, commonly referred to as "pig butchering" by scammers, cost consumers billions of dollars. Criminals befriend people to entice them to make
crypto investments through phony apps and websites. The investments may start out slowly with small sums of money, but it's a scam aimed at stealing tens of thousands to millions of dollars.
*Crypto is also referred to as cryptocurrency by users
How Do Criminals Target People & How Does the Con Start
How Does the Con Start?
Criminals often pose as people interested in:
Using fake profiles, they take time and build connections with their targets. They claim to be, or to know, experts who can help investors make money. To mask their identities, they:
They target people through texts, dating sites, social media channels, professional networking platforms and/or other apps. After establishing trust with their victims, criminals move conversations to encrypted messaging apps and introduce crypto.
They coach victims into investing using fake platforms. Websites might look legitimate, but it's all phony and controlled by criminals. Once people begin "investing," criminals manipulate the sites/apps to show fake profitable returns. Victims might even be allowed to make initial withdrawals, but it's a ploy to encourage further investments.
How Does It End?
When victims try to withdraw larger sums of money, they are told they need to pay a fee or taxes. But there's no getting the money back, even if they pay the supposed fees or taxes. In the end, victims lose everything they invested.
Protect Yourself
Warning Signs If You Have Been Victimized
If You Have Been Victimized