Watch for “Pig Butchering” scams targeting our communities
How to Recognize and Avoid Pig Butchering Scams
We’re seeing an uptick in a sophisticated scam often called “pig butchering.” Scammers “fatten up” victims with attention and trust, then pressure them to move money into fake investments—frequently involving cryptocurrency or foreign exchange. These schemes can look extremely convincing, complete with professional‑looking websites, apps, and fake profits displayed on a dashboard.
Below is what to watch for and exactly what to do.
How the Scam Typically Works
- Unexpected contact. It starts with a “wrong number” text (“Hi, is this Anna?”), a dating app match, social media message, or a referral from a “friend of a friend.”
- Rapid relationship building. Daily chat moves quickly to WhatsApp/Telegram. The scammer shares a polished life story and photos, building trust.
- The hook. They “teach” you a special way to invest—often crypto, forex, options, or “AI trading”—and direct you to a website/app they control. You’ll see early “wins.”
- The squeeze. They nudge you to deposit larger amounts, keep it secret, and “compound” gains. When you try to withdraw, you’re told to pay taxes/fees first. Then they disappear.
Red Flags & Warning Signs
- “Wrong number” or out‑of‑the‑blue introductions that quickly turn personal.
- Requests to move the chat off the original app to WhatsApp or Telegram.
- Investment talk within days: “I can mentor you,” “My uncle is a broker,” “Join our VIP group.”
- Pressure to act fast / keep it secret: “Don’t tell your bank; they won’t understand.”
- A custom website or app (not a major, well‑known platform) showing big “profits.”
- Blocked withdrawals unless you send more money for “taxes,” “fees,” or “unlocking.”
- Requests for remote access to your device or for codes/passwords to “help” you invest.
- Payments via crypto, wire, or gift cards—methods that are hard or impossible to reverse.
If Someone Contacts You About an “Investment”
When it comes to choosing a lender, we understand you have options. But finding the right lending partner goes well beyond the numbers. Below are just a few reasons why R.I.A. is a step above the competition.
Stop. Slow down.
Don’t click links, download apps, or share your screen.
Do Not Send Money
or crypto to anyone you haven’t met in person and verified independently.
Verify Independently
If a “friend” recommends an investment, call them using a number you already have—not one provided in chat.
Capture evidence
Take screenshots of messages, profiles, and websites.
Talk to us
Call the number on the back of your card or visit a branch. We can help you assess risk before any funds move.
If you already sent money
- Contact us immediately using the number on the back of your card or by visiting a branch. We’ll review options to attempt recovery or stop pending transactions.
- Change your passwords (email, online banking, crypto exchanges, phone carrier) and enable multi‑factor authentication where available.
- Run security checks on your device; remove any remote‑access apps you didn’t install yourself.
- Report the scam (this helps investigations and can protect others):
- FTC: ReportFraud.ftc.gov
- FBI Internet Crime Complaint Center: IC3.gov
- Platform where it started: the dating app, social network, or messenger service
- Protect your identity: Consider a fraud alert or credit freeze with the credit bureaus and review your credit reports at AnnualCreditReport.com.
How R.I.A. Federal Credit Union Protects You
- We will never ask for your one‑time passcodes, online banking password, or to move money to a “safe” account.
- We monitor for unusual activity and can place safeguards if you alert us quickly.
- Before you invest or send a large transfer, call us—we’re happy to be a second set of eyes.
The 10 second checklist (save this)
- Unexpected “Hi, wrong number” → Stop
- Investment talk + secrecy/urgency → Stop
- New website/app shows big “profits” → Stop
- Pay more to withdraw → Stop
- Asked for codes, screen‑share, or remote access → Stop & call us
Need Help? We’re Here
If you think you’ve encountered this scam—or any suspicious request—please contact us right away using the number on the back of your card or visit your nearest branch. Acting quickly can make a real difference.