‘Pig butchering’ scammers targeting Idahoans [Video]

BOISE, Idaho — For the Idaho Department of Finance‘s Financial Literacy Tip of the Week, officials warn Idahoans of scams dubbed “pig butchering.”

The Idaho Department of Finance (IDOF) said “pig butchering” scams involve the criminal tricking the victim into trusting them by building a relationship, either romantically or platonically, and then tricking the individual and stealing their money.

The scams are typically long-term schemes and combine various fraudulent tactics pertaining to finances, incorporating investment scams, Bitcoin purchases and fake cryptocurrency transactions.

IDOF said the term originated in Asia and was dubbed “pig butchering” as it drew parallels between a pig being “fattened up” prior to slaughter, and a criminal “prepping” and building up trust with their scam victim prior to “butchering” their financial nest egg.

Worldwide, over $75 billion has been lost as …