Spotlight: Pig Butchering Scams
Using slick apps and websites, fraudsters lure victims into elaborate investment scams that trick victims into investing more and more, thinking they have made huge profits. The “pig butchering” occurs when a victim attempts to withdraw, only to be met with unexpected technical issues, taxes and fees. By that point, their money is gone for good.
Common tactics include:
- Romantic Interest – establishing early and strong romantic interest to gain trust
- Relationship grooming – daily messages, compliments, and moving chats off the original app
- Fake dashboards – professional-looking apps or websites that display false profits
- Pressure to invest more – “bonus if you add more today” or limited-time offers
- Blockers on withdrawals – unexpected fees or taxes that block access to funds
- Encouraging secrecy – telling victims not to involve friends, family, or your bank
Tips to stay safe:
- Never send money or crypto based on an online-only relationship
- Take your time and verify the person and the platform independently
- Double-check website addresses and avoid downloading unknown trading apps
- Use only trusted, verified brokers or exchanges
- Turn on account alerts and set transfer limits for extra security
Trending: RSA Codes (One-Time Passcodes)
An RSA code – commonly a short, time-sensitive passcode – is used to verify your identity when accessing accounts or approving transactions. This extra layer of security helps protect from fraudsters who may already have some of personal information or are trying to impersonate their victims. By requiring the code, the system confirms it’s really the customer making the request, not someone else using stolen details. But if a scammer gains access to the RSA code, they can bypass those protections and gain access to accounts and information.
How scammers try to steal RSA codes:
- Impersonation attempts – calls or texts posing as banks or fraud teams asking for codes
- Reset scams – triggering password resets and asking you to share the verification code
- Push fatigue attacks – sending repeated approval requests until you tap “approve” to make it stop
How to safeguard your accounts:
- Only share your code when you can independently verify the request is legitimate (for example, if you initiated the call and know you’re speaking directly with your bank’s customer care center)
- Only enter codes on apps or sites you have accessed directly
- Decline login requests you didn’t initiate; reset your password if they persist
- Use authenticator apps or hardware tokens rather than SMS-based codes when possible
- Enable account alerts and regularly check your login history
Trending: Back-to-School Scams
The back-to-school season creates opportunities for scammers to target students and families. From fake textbook listings to fraudulent scholarships, housing deposit schemes, and too-good-to-be-true tech deals, these scams are designed to take advantage of busy schedules and the rush to save money.
Scams to watch for:
- Textbook fraud – sellers disappear after payment for discounted books
- Scholarship scams – “guaranteed” awards requiring application or processing fees
- Housing deposit fraud – fake apartment or dorm ads requesting upfront wire or app payments
- Discount device scams – low-priced laptops or calculators sold without buyer protection
Signs to watch out for:
- “Limited stock—pay now” or “application fee required”
- Deals are too good to be true
- Requests for payment through gift cards, crypto, wires, or instant-transfer apps
- Sellers who refuse in-person pickup, video tours, or escrow
- Messages that mimic schools or FAFSA but use suspicious email addresses or links
Protect yourself by:
- Using platforms that offer buyer protection and avoiding off-platform payments
- Verifying housing listings through live video tours and public records before sending deposits
- Relying on official school websites for financial aid and textbook purchases
- Saving receipts and confirming refund or return policies in advance
Staying vigilant and sharing these reminders with the people around you are one of the most effective ways to prevent fraud.
If you believe you have been the victim of fraud, contact our Customer Care Center immediately at (617) 969-4300 and report it to the Federal Trade Commission at ReportFraud.ftc.gov.