If a friendly “wrong-number” text or a charming new follower quickly pivots to talking about investing, that’s a red flag. A fast-growing fraud called pig butchering blends romance-style grooming with fake investing, often in cryptocurrency, to drain victims’ savings. Losses tied to these schemes have surged, with law-enforcement and watchdogs reporting sharp year-over-year increases in 2024 and 2025.
At Choice One Community Credit Union, our goal is to help members spot the tells early and know exactly what to do next.
What is a “pig butchering” scam?
It’s a long-con investment fraud. Scammers build rapport (weeks or months) through texts, social apps, dating sites, or messaging platforms. Once trust is established, they steer the victim to a slick, fake investing platform that shows fabricated “profits.” After the victim sends larger deposits, withdrawals are blocked or new “taxes/fees” are demanded, then the scammer disappears. The FBI categorizes this under cryptocurrency investment fraud and has made it a national priority.
Why the alarming headlines now?
- The FBI’s Internet Crime Complaint Center (IC3) highlights crypto-investment fraud, including pig butchering, as a top loss driver.
- Chainalysis estimates pig-butchering revenues grew ~40% in 2024 as scams scaled up using cheaper tooling and more polished lures.
- FinCEN has issued specific alerts to financial institutions due to the billions lost and rapid evolution of these schemes.
How the scam usually unfolds
- The Hook: A text like “Hey, is this Anna?” or a friendly DM. If you reply, the conversation becomes personal and consistent.
- The Grooming: The scammer shares “their” routine, family, or business wins. They’ll mirror your interests and check in daily.
- The Opportunity: They casually introduce crypto or “FX” trading and offer to “teach” you. Screenshots show big “returns.”
- The On-Ramp: You’re guided to send money to an exchange or obscure app/site the scammer controls. Early small “withdrawals” build trust.
- The Squeeze: Larger deposits follow. Then withdrawals fail, or you’re told to pay “taxes” or “unlock fees.”
- The Cut-Off: Accounts vanish. The contact blocks you or claims your funds are “frozen” unless you pay more.
Red flags to watch for
- Fast intimacy + secret investing tips. New online acquaintances who pivot to money talk.
- Pressure to move funds from your bank/credit union account into crypto or a third-party app “today.”
- Unregistered platforms. Links to sites with no physical address, no U.S. disclosures, or spoofed brand names.
- One-way transparency. You can “see” profits on a dashboard but can’t cash out.
- Taxes/fees to withdraw. Real institutions deduct fees from proceeds; they don’t demand prepaid “unlock” payments.
- “Don’t tell your bank.” Anyone asking you to hide the purpose of a transfer is not on your side.
What to do if you’re approached (or already sent money)
If it’s early and you haven’t paid:
- Stop engaging. Screenshot chats and URLs.
- Report the profile/app to the platform and to the FBI IC3 (online crime reporting).
- Tell us. Early heads-up helps us protect your accounts.
If you sent funds:
- Contact Choice One immediately. We can review recent transfers and discuss options that may still exist.
- Report to the FBI IC3 (online crime reporting). The FBI uses these reports to disrupt scam networks.
- Report to the FTC. If identity information was shared, use IdentityTheft.gov for step-by-step recovery.
- Preserve evidence. Keep transaction IDs, addresses, chats, emails, screenshots, and site links.
- Beware “recovery” services. Scammers often circle back, pretending to be law enforcement or asset-recovery firms, demanding more fees.
How Choice One helps protect you
- Transaction reviews & education. Our team is trained to spot common scam payment patterns and can talk through suspicious requests with you. No judgement, just help.
- Account security checkups. We’ll help you update passwords, enable multifactor authentication, and review recent activity.
- Clear communication standards. Choice One will never proactively ask for your personal financial information, such as account number, online banking password, one-time passcodes, or PIN by phone, text, email, or social media. If someone does reach out asking for this type of information and claims to be from Choice One, contact us directly at our published phone number.
The rising scale: why speaking up matters
Federal data show crypto-investment scams are a major driver of record fraud losses in 2024, and pig-butchering revenues jumped significantly year over year. Timely reporting helps investigations like the FBI’s Operation Level Up, which proactively identifies and notifies victims and has prevented additional losses.
Quick checklist (save or share)
- Unexpected text or DM? Don’t respond.
- New “friend” pushes crypto or other investment opportunities? Treat it as a scam until you can independently verify the person, the platform, and the offer.
- Can’t withdraw without paying extra? It’s a scam.
- Lost money or shared info? Report to IC3 and the FTC, then call Choice One.
Need a second opinion?
If something feels “off,” it usually is. Call Choice One before you move money. We’re here to help you protect your accounts and your peace of mind.