Michigan Attorney General Dana Nessel has issued a renewed warning to residents about investment romance scams ahead of Valentine’s Day. These scams, also known as “pig butchering” scams, often target individuals through social media and dating platforms, aiming to build trust before encouraging victims to invest in fraudulent cryptocurrency schemes.
“Investment romance scams are prevalent and cost victims billions of dollars worldwide,” said Attorney General Nessel. “This Valentine’s Day, don’t let scammers exploit your trust by luring you into so-called investment opportunities that are designed to steal your money. Never invest through an unverified website or with someone you’ve only met through social media. Remember, if an opportunity sounds too good to be true, it probably is.”
The scams typically begin when perpetrators create fake profiles on platforms such as WhatsApp, Tinder, or other dating sites. They initiate conversations under the guise of friendship or romance and gradually introduce the idea of investing in cryptocurrency. Scammers may refer victims to convincing but fraudulent websites or apps and encourage small initial investments that appear to yield returns. This tactic is used to build confidence before persuading victims to commit larger sums.
In some cases, scammers disappear after receiving significant amounts of money. In others, they demand additional payments for supposed fees or taxes before allowing withdrawals—claims which are also false.
Attorney General Nessel emphasized that these tactics can involve not just romantic approaches but also personal or professional relationships. The scammers use manipulation techniques and are skilled at gaining the trust of their targets.
Warning signs include unsolicited messages from strangers, quick attempts to move conversations off initial platforms, reluctance to engage in video calls, discussions about insider investment knowledge, suspicious URLs for investment platforms, warnings from antivirus software about apps being untrusted, and offers that seem too good to be true.
To avoid falling victim:
– Do not send money or share financial information with people met only online.
– Avoid discussing finances with strangers.
– Do not provide sensitive information such as banking details or identification documents unless the authenticity of the recipient is verified.
– Be wary of sites promising unusually high profits.
– Be cautious if urged to act quickly on exclusive investment opportunities.
Victims are encouraged to report incidents promptly to their bank and authorities including the Federal Trade Commission (FTC), Internet Crime Center (IC3), Federal Bureau of Investigation (FBI), local police departments, and the Michigan Department of Attorney General.
The Michigan Department of Attorney General serves residents across the state by addressing consumer complaints and issuing alerts about scams like these. It holds statewide authority for public protection efforts and advances initiatives supporting vulnerable populations such as combating human trafficking and assisting crime victims (official website). Dana Nessel currently serves as Michigan’s 54th attorney general (official website).
For those seeking assistance or wishing to file a complaint regarding a scam:
Consumer Protection Team
P.O. Box 30213
Lansing, MI 48909
Phone: 517-335-7599
Fax: 517-241-3771
Toll-free: 877-765-8388
Online complaint form available through the department’s website.
