Buying a house is a significant life decision, and the process can feel overwhelming. This week the Idaho Department of Finance is providing resources to help first-time homebuyers in Idaho navigate the journey with confidence.

The Idaho Department of Finance (IDOF) is warning consumers against “Pig Butchering” scams that have recently targeted Idahoans. Pig butchering scams are unique because they are long-term schemes that combine elements of investment scams, romance/friendship scams, and cryptocurrency transactions to steal all the money an individual possesses or can access (i.e., persuading individuals to take out loans in addition to sending money from their bank accounts).

The Idaho Department of Finance (the “Department”) joined twenty-four other state financial regulatory agencies in taking collective action against Plutus Financial, Inc., Abra Trading, LLC, Plutus Financial Holdings, Inc., Plutus Lending, LLC (collectively known as “Abra”), and CEO and largest equity owner William “Bill” Barhydt for operating a cryptocurrency company without receiving the required state licensing.

Patricia Perkins, Director of the Idaho Department of Finance, is warning consumers to look closely at incoming mail that may appear to be correspondence from regulated consumer lenders but are really third-party advertisements or even scams.