Get updates delivered to you daily. Free and customizable.
New York Post
Letitia James issues warning as New Yorkers increasingly fall for romance scams, with some victims losing up to $1M
By Lauren Elkies Schram,
29 days ago
New Yorkers need to stop mixing love with money.
Fraudsters are increasingly using dating apps, social media and unsolicited text messages to convince New Yorkers to make bogus investments, often in cryptocurrency.
Called “pig butchering,” perpetrators befriend their victims — fattening them up with elaborate stories — before going in for the kill and butchering them financially.
“Pig butchering” fraudsters befriend their victims before swindling them out of money. AndreyPopov
A full two-thirds of the cryptocurrency-related complaints fielded by James’ office are related to these online crimes, a spokesman said, declining to provide specific numbers or cases.
The scammers typically spend time making victims believe that they are in a romantic or otherwise close personal relationship before pivoting to discuss trading or investment opportunities.
After a virtual meeting between the victim and the scammer, the conversation often transitions over to an encrypted chat platform such as WhatsApp or WeChat to shield the true identities of the perpetrators.
New York State Attorney General Letitia James said victims of pig butchering are not alone. AP
Victims have been duped out of sums ranging from tens of thousands to over $1 million, James said, typically after they deposit the funds into the scammer’s platform.
Fraudulent crypto investment schemes are a global billion-dollar industry , with scammers having swiped a shocking $75 billion from investors’ digital wallets, The Post reported in March. Often the perpetrators hail from overseas.
US authorities charged two Chinese nationals in a cryptocurrency scam that laundered at least $73 million from defrauded victims, the Justice Department said in May.
For top headlines, breaking news and more, visit nypost.com.
Get updates delivered to you daily. Free and customizable.
Welcome to NewsBreak, an open platform where diverse perspectives converge. Most of our content comes from established publications and journalists, as well as from our extensive network of tens of thousands of creators who contribute to our platform. We empower individuals to share insightful viewpoints through short posts and comments. It’s essential to note our commitment to transparency: our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. We strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation. Join us in shaping the news narrative together.
Comments / 0