Law enforcement is warning Ohioans to be aware of a growing romance scam on social media with Valentine’s Day approaching.
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It is called ‘pig butchering,’ which involves scammers who use convincing storylines to build trust or ‘fatten up’ victims before enticing them to make investments in fraudulent schemes, according to the Ohio Department of Commerce Division of Securities.
Scammers refer to the victims as being ‘pigs’ and develop relationships to convince victims to put their money into cryptocurrency or other investments with the promise of high returns.
“While dating apps and social media platforms may be good ways to meet new people, the Division of Securities urges all individuals to exercise extreme caution when sharing personal information or engaging in financial transactions with unknown people since they can easily turn fraudulent,” the department said. “These scams often involve building false relationships to lure victims into sending money, unwittingly participating in financial fraud, or even becoming targets of identity theft.”