How to Spot and Avoid ‘Pig Butchering’ Scams: What to Know

A recent consumer alert from New York Attorney General Letitia James warns about a growing type of fraud known as “pig butchering.” These scams combine elements of romance fraud and fake investment schemes, and they have cost victims billions in recent years. Here’s what you need to know to recognize the warning signs and protect your money.

What Happened

On February 17, 2026, Attorney General James issued a consumer alert specifically targeting “pig butchering” scams. The alert describes a method where scammers build trust through online relationships—often on dating apps, social media, or messaging platforms—and then steer victims toward what appear to be lucrative cryptocurrency or trading investments. In reality, the investment platforms are fake, and the money is stolen. The FBI reported that losses from pig butchering scams exceeded $3 billion in 2023, and the numbers have continued to rise.

Why It Matters

Pig butchering is especially dangerous because it combines emotional manipulation with financial fraud. Scammers invest weeks or months cultivating a connection—romantic or friendly—before ever mentioning an investment opportunity. Once trust is established, they present a “can’t-miss” opportunity, often showing fake returns and encouraging victims to withdraw money from legitimate accounts to invest more. By the time victims realize the platform is a sham, their funds are gone and the scammers have disappeared.

These scams are not limited to any one demographic. Anyone who uses dating apps, social media, or even WhatsApp or Telegram can be targeted. The sophistication of the fraud makes it difficult to detect until it’s too late.

What Readers Can Do

Understanding how these scams operate is the first line of defense. Here are practical steps to protect yourself:

  • Be skeptical of unsolicited contacts. If someone you’ve never met quickly becomes affectionate or overly interested in your life, slow down. Scammers often rush to build emotional rapport.
  • Verify investment offers independently. Never invest money based on a tip from an online acquaintance. Legitimate investment platforms are registered with regulators like the SEC or state authorities. Check before you send any money.
  • Watch for pressure to act quickly. Scammers will tell you the opportunity is limited or that you’ll lose out if you don’t invest now. That’s a classic red flag.
  • Refuse to send cryptocurrency to strangers. Pig butchering almost always involves crypto. If someone asks you to deposit funds into a wallet they control or to convert cash to cryptocurrency for an online “platform,” stop all communication.
  • Insist on video calls or in-person meetings. Scammers often avoid showing their real face. If the other person has excuses for not video chatting, that’s a warning sign.
  • Keep your accounts separate. Never give remote access to your computer or share login credentials. Scammers may also try to convince you to take out loans or withdraw retirement savings.

If you suspect you are being targeted, cut off contact immediately. Do not try to recover lost money by engaging further—scammers may pose as recovery agents to steal more.

What to Do If You’ve Been Scammed

If you or someone you know has fallen victim to a pig butchering scam, take these steps as soon as possible:

  1. Report to the Federal Trade Commission (FTC) at ReportFraud.ftc.gov.
  2. File a complaint with the FBI’s Internet Crime Complaint Center (IC3) at ic3.gov.
  3. Contact your state attorney general’s office (in New York, call the Attorney General’s Consumer Frauds Bureau at 1-800-771-7755 or file a complaint online).
  4. Notify your bank or credit union if you transferred money from a legitimate account, and ask about fraud protections.
  5. Preserve all communications (texts, screenshots, transaction records) for law enforcement.

Remember that recovery of cryptocurrency is extremely rare, so early reporting is important to help authorities track down scammers and warn others.

Sources

  • New York State Attorney General, Consumer Alert: Pig Butchering Scams (February 17, 2026)
  • Federal Bureau of Investigation, Internet Crime Report 2023
  • Federal Trade Commission, “What to Know About Pig Butchering Scams”