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Welcome to the Senior Resource Connect blog. You can visit the blog each Wednesday at 10am for the latest information about aging, caregiving, COVID, and local resources.

Know Your Scam: The “Pig Butchering” Super Scam

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You may have heard about the new scam on the block with an unfortunate name. Called “Pig Butchering Scams,” these scams are especially dangerous because they don’t unfold like a typical scam. Instead of putting a potential victim on the spot and demanding payment or information immediately, these scams start small and gain the trust of potential victims over time. By the time the victim realizes what’s going on, they could already have lost a large amount of money. Let’s explore this scam, warning signs to look out for, and what to do if you (or someone you know) falls victim to it. 

 

It’s called what?! 

“Pig Butchering” scams have their unfortunate name because scammers “fatten up” a victim to gain their trust before “butchering” them — typically by persuading them to invest large sums of money into a fraudulent investment. 

 

How does it work?  

 

Warning Signs 

 

How to protect yourself 

 

What to do if you’re a victim of a pig butchering scam 

  • The most important thing to do is to report the crime. It can be tempting to just hope this all goes away, or to want to avoid talking out of shame or embarrassment but doing that lets the scammers win. The longer you wait to report, the harder it is to trace your money! 
  • Report to your bank ASAP 
  • Contact the cryptocurrency exchange company you used to send the money ASAP and ask if they can reverse the transaction 
  • Contact the Federal Trade Commission (FTC) 
  • Contact the Internet Crime Center 
  • Contact the FBI (Michigan’s main office is in Detroit) or visit www.fbi.gov/cryptoguard 
  • Contact the MI Department of the Attorney General 
  • Contact the US Department of Justice at [email protected] 
  • Important information to include in your report: 
    • Mention that you’re a victim of the Pig Butchering PSA 
    • Name of the investment platform you used 
    • Cryptocurrency address and transaction hashes 
    • Bank account information 
    • Names/contact information of suspected scammers 

Together we can protect the vulnerable adults in our community.    

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