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Home Explore SBSI Newsroom FDIC issues scam alerts on pig butchering

FDIC issues scam alerts on pig butchering

May 12, 2023 Fraud & Identity Theft

“Pig butchering” scams — in which victims invest increasing sums in supposedly legitimate virtual currency enterprises before being conned out of their money — depend on cryptocurrencies to function. But the connections between crypto and this skyrocketing scam run much deeper than the fake investments that ensnare consumers.

Cryptocurrency also serves as the favored payment method for scammers, and the wider crypto ecosystem enables an underground banking system to help launder their proceeds. Given these fundamental risks, policymakers must act to strengthen protections against the crypto sector.

Read more at ICBA.org

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