FBI Warns Investors About Crypto Fraud Wave in US

The FBI is warning of a rise in “pig killings” in the US, a wave that has seen citizens lose millions of dollars to scammers.

“We don’t talk about what’s happening on farms, but we are discussing a broader national cryptocurrency investment scam,” says Frank Fischer, a public affairs specialist with the bureau’s Albuquerque section.

The phrase “pig butcher” refers to a fraudulent victim, or “pig”, who is duped by con artists into giving up money in exchange for unreasonably high returns.

According to Fisher, users should exercise extreme caution when trying to start an investment relationship with someone they met through social media or a dating application. The agent claims his only limit is his creativity and precise timing. Different Types of Schemes Online,

This holiday season, there has been an increase in fraudulent activity involving the retailer Amazon, according to the FBI.

For example, based on a researched Amazon scam, a con artist will call a potential victim and claim that their account has been suspended because a suspicious transaction has been noted. They then instruct the victim to make a payment immediately using a credit card to close the account.

Fischer also highlighted how scammers sometimes threaten to report victims to the police in order to make purchases. He urges users to avoid getting duped by this con.

Additionally, Amazon warns customers that the corporation will never solicit personal information from them and that they should ignore communications asking for an account or personal information.

Business trying to take down hundreds of online phishing websites and phone numbers linked to identity fraud And have reported potential scammers to law enforcement organizations around the world.

Dharmesh Mehta, Vice President, Selling Partner Services, Amazon, said:

“Scammers who want to pose as Amazon employees put consumers at risk. Despite these scams happening outside our stores, we will provide funding for consumer protection and educate people about scams.”

According to the FBI, senior citizens are the primary target of other scams on the rise this Christmas season. Fisher believes that scammers often target seniors because they are perceived as more trustworthy and have access to resources.

Victims of so-called sweepstakes honey traps are contacted and informed that they have won a prize. However, the scammers asked him to send some money for purposes called “taxes and processing costs”, which are purely astronomical. Fisher claims that legitimate sweepstakes do not demand advance payment before releasing funds.

The law enforcement agency advises people to inquire about the Internet behavior of senior friends and family members to see if they have become victims of cyber criminals.

Fisher recommends “asking questions” if someone approaches you, saying they want to be friends and pursue a relationship.

A Lawyer’s Perspective on Crypto Scams

According to Santa Clara County, California, District Attorney Jeff Rosen, whose office is in charge of a multi-agency task force battling technology-related crimes, the scammers “trick victims into believing they are investing in something And getting, tricking the prey and fattening the pig.” To move them money in crypto.

According to Rosen, after thieves “fat” their victims’ digital wallets, they steal the money.

Rosen believes that a series of planned moves is the primary method used to line investors’ wallets.

Every day, fraudsters send millions of unwanted text messages and social media posts to unknowing targets, often with a simple message such as “Hello, how are you?”

Working under a false identity, the fraudster establishes a relationship with the victim, sometimes only a few weeks before urging them to “invest” in crypto.

an easy but risky strategy

One tactic used by scammers is to assure the victim that they have made substantial bitcoin profits, persuading them not to “pass on” the benefits of investing in crypto.

Those who fall for the scam are tricked into transferring large amounts of money. The fraudsters also send victims fake financial documents showing significant investment returns.

The orchestrated plan is known as “pig fattening” according to DA Rosen. DA also said Scammers usually prey on For those feeling lonely during the holidays, it’s a mouth-watering time for cyber crimes.

Rosen says his team has looked at actual fraud operations, usually overseas, particularly in Cambodia and China, that use sophisticated methods even when the initial approach was simple.

To protect yourself from internet predators, experts recommend necessary awareness and precautions.

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