AN GARDA Síochána are warning of an “emerging and sophisticated” cryptocurrency romance scam that is on the rise across the world known as “pig butchering”.
It is a long term fraud that combines romance scams, investment schemes and crypto currency fraud, that targets individuals seeking love and companionship online.
It is named after the process of progressively feeding a pig to make it bigger before it is slaughtered.
According to gardaí, this scam has all the hallmarks of a conventional scam.
The targets are identified on dating applications by criminals who develop fake profiles uploading pictures that show attractive persons who are displaying glamorous lifestyles.
Once a victim engages, and trust is established, the scammer will bring the subject around to success, investments and in particular crypto currencies, eventually coaxing and guiding the victim around to investing in the same.
The scammer will assist the victim with the investing process which involves fake platforms which are controlled by the scammer, assuring the victim that they are achieving huge returns on their investment and encouraging the victim to place further funds into the investment.
Gardaí recommend the public seek independent financial and legal advice if they are considering making investments.
If you think that you have been the victim of a “pig butchering” romance scam or any other type of scam please contact your nearest Garda Station. All calls will be treated with the utmost confidentiality.
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