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  • MoneyMarci

Pig Butchering - 6/07/2024

If you haven't heard about Pig Butchering scams this is something you should make time to become familiar with. This scam is especially dangerous because it does not follow the usual markers of a financial scam. It is a long-term investment scam that builds your confidence by making it seem as if it is a financial opportunity that is working in your favor.

In what appears to be a random introduction, the scammer will begin to build a relationship with you. No talk of money or opportunities initially. Eventually the conversation will veer into financial and investment related topics. They will let you know of great successes they have had, and opportunities that may be available to you. They will show websites or screen shots of statements that look real. They may lead you to an app where you appear to do your own investing and have total control of your assets.

Like feeding pigs before butchering, the high returns you appear to be making on your investments may encourage you to deposit more money into the account. In reality, the account and any statements you receive are fake and you have given your money to the scammer. At the point where you try to take money out there will be a 'problem with the account' or fees to withdraw your money.

Make sure you deal with professional, licensed financial professionals. Don't share too much information online. Be cautious of random correspondence from unknown people. And if it seems too good to be true, it probably is.

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