Cellphone users across the US have been complaining about receiving strange text messages from people who seem to have the wrong number. These texts can be as simple as “Hello” or as complex as discussing personal information, relationship statuses, businesses, and finances.
These messages are part of a scam known as “pig butchering,” which combines aspects of romance and investment scams and is used to lure in potential victims before taking their money.
An example of this occurred in San Francisco, where a 68-year-old man, who had recently divorced and was facing financial problems, received a text message from an unfamiliar number in February. This message led to an elaborate scam in which the man was tricked into investing money into cryptocurrency.
By April, the man had invested $260,000 through eight deposits and was led to believe that his account showed a value of $487,000. However, when he tried to withdraw $100,000, he was asked to send additional money to verify his account before making the withdrawal.
The scam also affected at least three other victims in Texas and Florida who sent a total of $550,000 to the fake crypto exchange and lost large sums of money.
The scam has resulted in established losses of $1 million and the account used for the scam has received nearly $18 million in cryptocurrency deposits. Investment fraud is the most costly scam, with losses totaling $3.31 billion reported in 2022.
Regarding online romances, the IRS warns that if someone you meet online urges you to invest in cryptocurrency, it is likely a scam.
It seems these texts are part of a widespread and costly scam that has affected many victims across the US.
Authorities have not made any arrests or identified suspects in connection with this particular scam.
It’s clear that scams like this are causing significant financial losses and are becoming increasingly common, leading to concerns from authorities and organizations about consumers being targeted by such schemes.
These incidents are a reminder to exercise caution and skepticism when receiving unsolicited messages or financial investment offers from unknown individuals, and to be aware of the potential risks and red flags associated with online scams and fraud.
