RUTLAND — Local law enforcement is warning residents about a noticeable rise in cryptocurrency scams, including a deceptive practice known as “pig butchering,” which has led to financial ruin for victims across the nation.
According to the Rutland Police Department, investment fraud scams are thriving, often involving schemes such as Ponzi operations, precious metals fraud, and increasingly, fraudulent cryptocurrency ventures.
Social media and messaging platforms are often used to lure unsuspecting victims.
“Pig butchering” scams, in particular, follow a methodical approach.
Scammers establish trust with victims, often posing as romantic partners they meet through dating sites or via unsolicited messages on social media.
Once trust is gained, victims are convinced to invest in fake cryptocurrency opportunities.
Initial investments may appear lucrative, but victims are ultimately coaxed into investing increasing amounts, leaving them financially devastated.
The Secret Service, which has issued multiple warnings about cryptocurrency scams, reports that this scheme has become a lucrative billion-dollar operation.
Residents are urged to remain cautious of unsolicited investment opportunities and requests for financial information.
Specific red flags include promises of high returns with little risk, high-pressure tactics, or individuals avoiding video calls and in-person meetings.
Police encourage residents to report incidents of fraud to local law enforcement and provide additional resources, including the Federal Trade Commission and the Securities and Exchange Commission, for education and reporting purposes.