Attorney General James Issues Alert on ‘Pig Butchering’ Investment Scams

New York – A consumer alert has been issued by New York Attorney General Letitia James, warning residents about the ‘pig butchering’ investment scam. This fraudulent scheme involves scammers befriending victims under false pretenses and leading them to make fraudulent investments.

Scammers use the term ‘pig butchering’ to describe their method of luring victims by gaining their trust before ultimately taking their money. Attorney General James has provided an online guide to help New Yorkers protect themselves from these schemes and encourages reporting any such scams to her office.

‘Heartless scammers are using increasingly sophisticated methods to prey on communities looking for connection and opportunity,’ said Attorney General James. ‘These fraudsters go to great lengths to gain trust and convince people to send them their savings, sometimes ruining their victims’ finances. I encourage all New Yorkers to remain vigilant and contact my office if they or a loved one is affected by one of these scams.

Pig butchering schemes often target victims through social media, dating apps, unsolicited text messages, or ads. After establishing a connection, the scammers move the conversation to encrypted chat platforms like WeChat or WhatsApp to shield their identity from law enforcement. They typically spend substantial time building a personal relationship with the victim before introducing them to investment opportunities.

Victims are led to believe they are making significant returns on their investments, but once they have deposited large sums of money, they find it impossible to withdraw their funds or are asked to pay exorbitant fees. Scammers then cut off contact and keep the money.

Attorney General James advises New Yorkers to be suspicious of anyone who:

• Warns you not to tell anyone about your relationship or investment opportunity.
• Interferes when your bank or brokerage questions a transaction they instructed you to do.
• Asks for personal financial information or private photographs.
• Promises to meet you but always finds an excuse not to.
• Instructs you to hand cash or a check to a courier or use a bitcoin ATM.
• Requests to move your conversation to encrypted platforms like WeChat, WhatsApp, or others.

New Yorkers are also urged to avoid wiring money and report any suspicious activity to the Office of the Attorney General.

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