There is a new scam making its way around currently. It’s being called the “Pig Butchering” scam because fraudsters essentially try to “fatten up” the target before committing the fraud.
Here is how it works: A scammer may reach out to the potential victims either by text message, direct message on social media, or other communication platforms. The message will usually sound like they are reaching out to an old friend and just reached a wrong number. Once the scammer is able to get a response from the victim, they will continue to communicate with them in order to establish a relationship and build trust. Once they’ve established a layer of trust, the scammer tries to convince the victim to invest in virtual currency with the intent of defrauding them of said investment—this is known as the butchering phase.
Remember to always keep your information as safe as possible and watch out for scams like this—never share your information or invest until you have done thorough research.
If you have been a victim of this scam and need assistance, please reach out to Extra Credit Union at 586-276-3000.