Financial literacy tip of the week

Boise, Idaho… The Idaho Department of Finance (IDOF) is warning consumers against “Pig Butchering” scams that have recently targeted Idahoans. Pig butchering scams are unique because they are long-term schemes that combine elements of investment scams, romance/friendship scams, and cryptocurrency transactions to steal all the money an individual possesses or can access (i.e., persuading individuals to take out loans in addition to sending money from their bank accounts).

The term Pig Butchering originated in Asia and describes the “fattening up” of a victim by building a trusted relationship with them over time that ends with the victim being “butchered” for much, if not all of their life savings. A recent study highlights that over $75 billion has been lost to Pig Butchering schemes globally over the last four years.1 Idahoans are encouraged to be vigilant and to look for the following red flags pertaining to these scams:

- Unsolicited contact from an individual via a messaging app (e.g., WhatsApp), text, social media, or dating app.

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