Be wary of ‘pig butchering’ scam, ND fraud experts warn
BISMARCK, N.D. (KFYR) - The term “pig butchering” may sound crass, but it is the name fraud experts have given to a common scam that’s costing victims millions of dollars.
Scammers work to “fatten up the pig” by tricking the victim into thinking they’re investing in something with a high rate of return before they steal the victim’s money. They often encourage the victim to “invest” in cryptocurrency.
Parrell Grossman, director of the ND Consumer Protection & Antitrust Division, says they’ve seen North Dakotans suffer huge losses in this scam.
“You might as well be taking your money and putting it in a paper shredder. If you’ve been told to take $10,000 to the cryptocurrency machine at the local gas station or elsewhere, unless you know exactly who you are dealing with, and the victims never know who they are dealing with because they are being conned, it’s like shredding your cash,” said Parrell Grossman, director of the Consumer Protection & Antitrust Division for the Attorney General’s Office.
Grossman says more often than not the victim isn’t able to get the money back. That’s why he says prevention is key.
Experts say it’s important to know exactly who you are dealing with online, especially if they want you to start investing money.
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