Nova Scotians have been swindled out of nearly $750,000 since the fall due to a cryptocurrency scam that can target the same victim twice, says the Nova Scotia Securities Commission.
About 20 to 25 people have reported falling victim to what’s referred to as a “pig butchering” scheme, and many more people likely haven’t reported it. Individual losses range from a few thousand dollars to tens of thousands of dollars, said David Harrison, an investor education and communications officer with the commission.
He said there have also been a few people who’ve lost in the ballpark of $100,000.
“If you hear from anyone that you don’t know who’s contacting you through a social media app or by text, immediately believe that this person is out to take something from you, out to scam you,” he told CBC Radio’s Information Morning Nova Scotia on Tuesday.
Harrison spoke with host Portia Clark about how this scam works and how people can avoid it. Their conversation has been condensed and edited for clarity and length.
You can listen to the full interview here:
Information Morning – NS8:03How to protect yourself from a new scam involving fake crypto-currency investments
Chances are you’ve seen plenty of people talking up their crypto currency investments. Now, there’s a new crypto-currency scam that’s cost some Nova Scotians thousands of dollars. It’s known as a “pig butchering” scheme. Hear how the scam works, and how you can avoid it.
How does it work? I understand it usually starts…
