“Pig Butchering” Online Dating Fraud Costs A Man Thousands of Dollars
BOSTON: Some victims have been deceived into losing hundreds of thousands of dollars by a new type of romance scam that is on the increase. This fraud takes months to develop and frequently begins on a dating website, in contrast to many others that happen quickly.
A person who was assaulted in Boston is hoping that sharing his experience would help others escape the same misfortune.
Scott from South Boston, who requested that we not use his last name, believed for weeks that he was only developing a relationship with a person he met online.
“I met him on a dating website,” Scott claimed. “We spoke extensively.”
The two talked about their jobs, their favorite foods, and a friend’s ailment, and once even went on video chat. He claims that everything appeared typical.
He spoke to me every day for at least a month, Scott claimed, developing our connection.
The only discussion of money at first was how much revenue Scott’s new online pal had made trading cryptocurrencies. After all, Scott believed he was knowledgeable about fraud prevention techniques.
Scott claimed he told his friend, “I’m not going to give you money. At that point, [the con artist] began yelling, No, you don’t give it to me. You create your own account; I’ll provide guidance.”
According to Scott, the investment site his “friend” forwarded appeared to be very authentic. Scott made a tiny initial investment of $500. He claims he saw returns right soon and was even capable of recovering some of his initial investment, which encouraged him to make additional investments. Much more.
“Over time, $300,000,” he claimed.
It’s a component of a fraud called “pig butchering,” in which con artists pretend to be single online daters in order to increase their take-home pay before going in for the kill. The fancy investment website, the chat, and the texts are all a part of the scam.
Scott observed, “They’re quite skilled at making all of this up. He showed me his driver’s license,” I said.
Scott has been cut off from the money, despite an account that ostensibly shows a million-dollar amount. He receives a different excuse for why he can’t withdraw money each time he tries, along with a request for additional money.
“Over time, $300,000,” he claimed.
It’s a component of a fraud called “pig butchering,” in which con artists pretend to be single online daters in order to increase their take-home pay before going in for the kill. The fancy investment website, the chat, and the texts are all a part of the scam.
Scott observed, “They’re quite skilled at making all of this up. He showed me his driver’s license,” I said.
Scott has been blocked off from the money, despite an account that purportedly shows a million-dollar amount. He receives a different excuse for why he can’t withdraw money each time he tries, along with a request for additional money.
Scott added, “As I attempted to withdraw, they turned around and said, Now you must pay taxes on all of your profit before we give you anything.” In the reply, I told them, “I don’t pay you. I compensate the IRS.”
According to Matthew Giacobbi, assistant special agent in charge of the FBI’s Boston Division, “The biggest red flag would be someone requesting you to make an investment that you genuinely don’t have any type of close connection [with] or haven’t met in person.”
According to Giacobbi, fraud involving cryptocurrencies increased dramatically between 2021 and 2022, from $907 million to $2.5+ billion. The situation is more threatening in the 4 New England states covered by the Boston Division of the FBI, where losses from cryptocurrency frauds quadrupled, going from $15 million in 2021 to $60 million in 2018.
“We aim to spread the news,” Giacobbi said, adding that the numerous stories about cryptocurrency being a source of “easy money” for some people serve to further inflate the appearance of the reality of the scams.
According to Giacobbi, “I definitely think that the attraction to crypto” does not help. And everyone is aware that people who may have made some money with cryptocurrencies are also part of the allure.
Even if I desired and hoped it would be true, Scott replied, “In the end, things don’t add up.”
The FBI advises victims to definitely report the fraud despite the fact that it is far more difficult for law enforcement to track because it involves cryptocurrency.
Think about these issues before investing: Have you verified the legitimacy of the investment site by looking up the website address? Don’t simply click a link that was emailed to you. Are you certain about the investments you’re making? Additionally, have you ever met the individual whose investing counsel you are heeding? Don’t take their counsel if you haven’t met them in person.
About The Author:
Yogesh Naager is a content marketer that specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blog, he’s also written for brands including CollegeDunia, Utsav Fashion, and NASSCOM. Naager entered the field of content in an unusual way. He began his career as an insurance sales executive, where he developed an interest in simplifying difficult concepts. He also combines this interest with a love of narrative, which makes him a good writer in the cybersecurity field. In the bottom line, he frequently writes for Craw Security.
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