New York Attorney General Letitia James has issued a consumer alert warning New Yorkers about the rise of online romance scams. These schemes, often referred to as "pig butchering," involve fraudsters using dating apps, social media, and unsolicited text messages to befriend victims and then convince them to make fraudulent investments.
“New Yorkers hoping to find romance and personal connections online are instead being taken advantage of and victimized by heartless scammers,” said Attorney General James. “Sophisticated fraudsters are increasingly using dating apps and social media to trick users into bogus investment schemes. The personal and sometimes romantic nature of these scams can often leave their victims feeling ashamed and isolated. New Yorkers who fall victim to these frauds should know they are not alone. I encourage anyone who believes they may have been a victim of an online romance scam to contact my office.”
Pig butchering schemes typically target victims via dating websites, apps, social media, and unsolicited text messages. Conversations usually move to encrypted chat platforms like WhatsApp or WeChat, which help shield the scammer’s identity from law enforcement.
Scammers invest significant time in making victims believe they are in a close personal relationship before shifting the conversation towards trading or investment opportunities. They often send screenshots of purported high balances on trading platforms or pictures of luxurious lifestyles to appear as successful investment experts. Once trust is established, the scammer introduces the victim to an investment opportunity, frequently involving cryptocurrency or foreign currencies.
Victims see their account balances increase on purported online statements or investment platforms, leading them to invest more funds. After substantial sums—ranging from tens of thousands to over a million dollars—are deposited into the scammer’s platform, victims find themselves unable to withdraw their funds or asked to prepay fake withdrawal fees or taxes with promises that their gains will be released. Eventually, contact is cut off by the scammers.
Attorney General James recommends several steps for New Yorkers to avoid becoming victims:
- Do not wire money, send cryptocurrency, or give cash to unvetted individuals.
- Research photos and profiles using online searches.
- Be suspicious if individuals change phone numbers frequently, refuse in-person meetings or video calls with excuses, move conversations to encrypted platforms, isolate you from friends/family, ask for detailed financial information or explicit photographs, or pressure you into quick investments.
- Consult trusted legal professionals or financial advisors before investing.
- Trust your instincts; if it seems too good to be true, it probably is.
If fraud is suspected, report it immediately to the relevant dating or social media app and law enforcement while saving all communications for evidence.
Attorney General James encourages anyone who may have been a victim of such scams to report it by filing a complaint online with OAG or calling 1-800-771-7755. Any identifying information provided will be protected according to law and policies on safeguarding identifying information.