**New Yorkers Beware: Romance Scams Leading to Massive Financial Losses**
By Lauren Elkies Schram
Published June 8, 2024, 4:55 p.m. ET
In a city where love and finance often intersect, New Yorkers are finding themselves the target of a sophisticated scam operation that leaves them financially devastated. State Attorney General Letitia James has issued a stark warning about the rise of “pig butchering” schemes, a sinister scam that blends romance and investment fraud, particularly through cryptocurrency.
The term “pig butchering” might sound peculiar, but its methodology is brutally effective. Scammers first establish a relationship with their victims, often through dating apps, social media, or unsolicited text messages. Once trust is built, they introduce the idea of making investments, leading to significant financial losses for the unsuspecting victim.
A striking image accompanying the report shows a woman holding a credit card and a smartphone displaying a “Romance Scam” alert, highlighting the personal and technological intersection where these scams thrive.
James’ office has been inundated with complaints, with two-thirds related to cryptocurrency scams stemming from these deceptive online relationships. The scammers, often using encrypted chat platforms like WhatsApp or WeChat, convince their victims to transfer funds into fraudulent investment platforms. Losses reported range from tens of thousands to over $1 million, underscoring the severe impact on individuals’ financial well-being.
This issue is not confined to New York or the United States. Globally, fraudulent crypto investment schemes have bilked investors out of an estimated $75 billion. In a notable case, the US Justice Department charged two Chinese nationals involved in a scam laundering at least $73 million from victims.
As New Yorkers and people everywhere navigate the complex web of online interactions, this warning serves as a critical reminder of the dangers lurking behind seemingly innocent conversations. The financial and emotional toll of these scams can be devastating, leaving victims in a precarious position. Authorities urge anyone who suspects they’ve been targeted to come forward, emphasizing that victims are not alone in their fight against these exploitative practices.
In a city that never sleeps, vigilance against such scams must remain awake and alert.