New ‘pig butchering’ scam lures people into fake cryptocurrency investment

A new “pig butchering” swindle is targeting residents of Kaua‘i, especially kūpuna, by giving them false hope of making a lot of money.

Kaua‘i Police Department is warning the public about a fast-growing cryptocurrency scam where fraudsters pose as someone friendly, often via social media, a phone call or text messages, contacting and building a relationship through time with their prey.

The scammer convinces their victim to put money into cryptocurrency — promising high returns on their investment.

It is the emptiest of promises, however, as the conman disappears, never to be heard from again, with the unsuspecting future investor’s money as soon as it’s transferred.

This type of scam is called a “pig butchering” scam because it involves scammers building trust with time to emotionally manipulate their victims into making financial decisions.

Family members and caregivers are strongly encouraged to review the following warning signs of scams and safety tips with their elderly loved ones.

Warning signs

• Unsolicited contact from a stranger, often posing as a potential friend or romantic interest.
• Promises of easy, high returns through cryptocurrency investments.
• Requests to act quickly or keep the matter secret from others.
• Pressure to send money or use unfamiliar cryptocurrency platforms, apps or machines.

How to protect yourself

• Do not send money or cryptocurrency to someone you’ve only met online.
• Be skeptical of unsolicited messages, especially from people you don’t know personally.
• Avoid downloading unfamiliar apps and clicking on suspicious links or QR codes.
• Consult with family members or trusted friends before making any financial decisions.

Kaua‘i Police Department urges all residents to remain vigilant and take necessary precautions to protect themselves from this ongoing scam.

Report any suspicious calls or messages to police dispatch at 808-241-1711.