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 (IDOF) urges Idaho consumers to exercise heightened caution when purchasing cars, recreational vehicles, farm equipment, and other high-dollar items online. IDOF recently received several reports from victims of online purchase scams that risked losing thousands of dollars due to being lured into purchasing from a phony website or fake ads in various online marketplaces.

Today, financial regulatory agencies from 39 states, Puerto Rico,
and the District of Columbia ordered Sigue Corp. to cease engaging in any further money
transmission activities as the company can no longer responsibly serve customers due to
its declining financial position.

Imposter scams are a growing threat to consumers nationwide, and Idahoans are being targeted at an alarming rate, along with consumers throughout the country.