A recent virtual currency investment scam known as “Pig-butchering” has resulted in billions of dollars being stolen. This scam starts off as a seemingly harmless message, something like, “Hey Joe, it’s Jane. How have you been?”. This individual uses a fake identity and stories in an attempt to converse with and befriend the victim.

As the scam name suggests, the scammers refer to their victims as “pigs” and will use stories and gain trust to “fatten” their victims before “butchering” or “slaughtering” them by stealing their assets. Once these scammers gain their victim’s trust, the scammer convinces them to invest in virtual currency which will later be stolen.

Learn more about “Pig-butchering” and the red flags.

MSGCU recommends these tips to help keep your assets and information safe:

• Don’t engage with unknown/unexpected phone numbers, texts, social media messages or other communications you may receive.
• Never click unknown links, especially from numbers you do not recognize or expect a link from.
• If an investment seems too good to be true and someone is pushing you to invest, it’s probably a scam.
• Don’t send money to people you have only met online.
• Never share your password or security pins with others.
• Keep close tabs on your MSGCU account. Log in to the MSGCU Mobile App or Online Banking often and review your monthly statements. Contact MSGCU if anything doesn’t look correct.
• Change your password often and use complex passwords for your MSGCU account. Read more about password protection.
• Set up alerts on your account for added visibility on account changes or transactions.
• Contact us at (866) 674-2824 immediately if you believe your identity has been compromised.

Category: Scam Alerts