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Wednesday, December 4, 2024/Categories: Security, Scams, and Alerts
At Community First Bank, your security is our top priority. We’re dedicated to helping you stay safe from financial fraud, and today we want to alert you to a concerning online scam known as "pig butchering." While the name might sound unusual, the threat is real, and protecting yourself starts with understanding how it works.
This scam gets its name from the method scammers use—they "fatten up" their victims by building trust and a false sense of security before stealing everything. Here’s how it typically unfolds:
Unsolicited Messages: It often starts with an unexpected text, direct message, or connection request from a stranger. They might reach out through social media, dating apps, or even messaging platforms.
Building Trust: Scammers engage you in conversation, establish a relationship, and eventually pitch what seems like a lucrative investment opportunity—often in cryptocurrency.
The Trap: They’ll ask you to set up accounts on fake or legitimate-looking investment platforms and start transferring money.
Increasing Pressure: Over time, they encourage (or pressure) you to invest more, promising high returns. When you try to withdraw funds, they block access or demand additional fees, disappearing with your money.
It's important to be aware of the warning signs that could indicate you're dealing with a scam. Here are some common red flags to keep in mind:
Messages or requests from strangers asking for personal or financial details.
Investment opportunities that sound too good to be true—especially in cryptocurrencies or virtual assets.
Urgent requests to transfer money to unfamiliar accounts.
People pressuring you to keep an opportunity "secret."
Staying informed and proactive is key to protecting yourself from scams. Here are some important steps you can take to safeguard your finances and personal information:
Stay Skeptical: Be cautious of unsolicited messages or offers, no matter how genuine they seem.
Verify Accounts and Websites: Do your research before engaging with any investment platform or transferring money.
Secure Your Information: Never share sensitive personal or financial details with someone you don’t know.
Talk to Someone You Trust: If you’re unsure about an opportunity, discuss it with a friend, family member, or trusted advisor.
If you believe you’ve been targeted or are a victim of a "pig butchering" scam:
Notify Community First Bank immediately. We can help protect your accounts and guide you on the next steps.
Contact local law enforcement and file a police report.
Report the scam to the FBI’s Internet Crime Complaint Center (IC3) at https://www.ic3.gov.
At Community First Bank, we care about your financial well-being and the safety of the communities we serve. By staying informed and vigilant, you can avoid becoming a victim of scams like this one. We have even more Security, Scams, and Alerts information on our blog to help keep you safe, so be sure to check those out (and share with your family and friends to help keep them safe too).
If you ever have questions or concerns about your online security, don’t hesitate to reach out to us. Together, we can stay a step ahead of fraudsters and keep you safe!