SF retiree loses $500,000 in pig butcher scam, then falls for the same scam again
A retiree lost $500,000 to a 'pig butcher' scam, a fake romance that leads to a fake investment. The victim then fell for a second scam before the fraud was exposed.
How it works
The scammer makes contact through a text, dating app, or social media message and builds a friendly, romantic relationship over time. Once trust is established, the scammer introduces an investment opportunity, often in cryptocurrency, on a website or app that shows fast gains. The victim is pushed to deposit more money, and withdrawals are blocked or require additional fees. After the losses, a second scammer may offer to recover the money for a fee.
Red flags to watch for
- A new online contact quickly turns into a romantic relationship
- Investment app shows large, steady gains on small deposits
- Requests to send more money before you can withdraw
- Pressure to keep the investment secret from family or friends
- Anyone offering to recover lost money for an upfront fee
What to do
Do not send more money, and do not pay anyone who promises to recover your losses, since that is often a second scam. Stop contact with the person and do not use any investment site they recommended. Call your bank or crypto exchange right away to report the transfers, then report the fraud to the FBI's IC3 at ic3.gov and to reportfraud.ftc.gov, keeping all messages and transaction records.
If this reached you
Source: ABC7 San Francisco . Scam Sentinel summarizes this news report in plain language; it is a decision aid, not a guarantee.