On February 17, New York State Attorney General Letitia James issued a consumer alert and digital guide warning residents about “pig butchering” scams targeting individuals through social media, dating apps, unsolicited messages, and online advertisements. The alert defined “pig butchering” as a scheme where fraudsters gain consumers’ trust, promote fraudulent investments (often in cryptocurrency or foreign currencies), and bolster credibility with fake profit imagery. According to the alert, once a consumer invests and believes their funds are growing, scammers often demand fake fees, then cut off contact, leaving such consumers unable to recover their money.
The attorney general urged New Yorkers to avoid sending money or cryptocurrency to unknown parties and to verify the identities of those soliciting investments by conducting online research. The alert highlighted red flags such as requests to move conversations to encrypted platforms, pressure to act quickly, and instructions to keep the relationship or investment opportunity secret. Residents were also advised to consult trusted legal or financial advisors before making investment decisions and to report suspected scams to the Office of the Attorney General.
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