Please read through this information about an ongoing cybercrime called “pig butchering” that is affecting individual investors and their financial advisors. Please note: This email is purely informational and there is no immediate threat to your investments. However, it's important to provide this information so that you can protect yourself.
In brief, pig butchering occurs when fraudsters pretend to be legitimate U.S. financial advisors in an effort to gain the trust of victims, before recommending fraudulent financial investments. They contact their victim out of the blue via text message, on social media or on a messaging application such as WhatsApp or WeChat and attempt to build rapport. Eventually, they try to persuade their targets to invest in fraudulent financial investments. For a full explanation of how the scheme works, read FINRA’s article.
Here are some ways to try to reduce your risk:
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Information to Help Protect Your Financial Well-being
February 27, 2023