Pig Butchering is a term that references a fairly common scam in which fraudsters target an individual, gain their confidence, and convince them to forward funds to an account where the con person and funds then disappear. Frequently, crypto is involved, as it is easy to transfer digitally with little recourse. Sometimes romance is involved, but usually, it involves some sort of bogus investment. The pig is, of course, the person who gets fleeced.
Today, the Commodity Futures Trading Commission (CFTC) and the US Department of Justice, Computer Crime and Intellectual Property Section’s National Cryptocurrency Enforcement Team (NCET), have announced the inaugural Fraud Disruption Conference, where the main topic of discussion will be Pig Butchering.
Said to be the first of a series, the goal is to educate participants on the various and ever-changing scams that aim to steal money from the innocent for illicit gain.
CFTC Chairman Rostin Behnam said it is a priority to grow their customer protection initiatives.
CFITC Office of Customer Education and Outreach (OCEO) Director Melanie Devoe said:
“This is one of many scams working groups will discuss at future gatherings with the ultimate goal of working collaboratively to help Americans protect themselves from this and other financial frauds.”
The agencies participating in the gathering are listed below.
- Federal Bureau of Investigations (FBI)
- Social Security Administration Office of the Inspector General
- U.S. Attorney’s Office for the District of Columbia
- U.S. Attorney’s Office for the District of Massachusetts
- U.S. Department of the Treasury
- U.S. Drug Enforcement Administration
- U.S. Postal Inspection Service
- U.S. Secret Service
- U.S. Securities and Exchange Commission