The Wisconsin DATCP is warning consumers of some scams that have been reported around the state.
In recent years, a form of investment fraud known as “pig butchering” has become more common.
In this scam, the scammer targets a consumer by pretending to be an online romantic interest or investment coach.
The scammer builds a relationship with their target through a dating app, text messages, or a social media platform.
Next, the scammer asks their target to invest with them in a promising new trading platform or by buying an exciting new cryptocurrency, but it’s all a scam.
One key warning sign is the fact that no trustworthy romantic interest or investment coach will pressure someone to quickly invest a large amount of money into a little-known trading platform or cryptocurrency.
Also of note, many pig butchering scams start with a “wrong number” text message. If a consumer receives a text meant for someone else, they should ignore it.
Victims of pig butchering and cryptocurrency investment scams should report the scam to local law enforcement and ask for a case number.
Victims should also file a complaint with the Wisconsin Department of Financial Institutions (DFI), the Federal Bureau of Investigation’s Internet Crime Complaint Center, and the Wisconsin Department of Agriculture, Trade, and Consumer Protection (DATCP).
