Frequently Asked Questions

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Cryptocurrency investment fraud, which the media commonly describes as "pig butchering," is one of the most prevalent and damaging fraud schemes today.

In pig butchering scams, victims are approached on dating, social media, or messaging apps and lured into making larger and larger investments. The term “pig-butchering” is based on the practice of fattening a hog before slaughter. At first, the scammer will make sure to post what looks like a gain on their investment. The scammer may even allow the victim to withdraw money once or twice to convince them the investment is safe and coherse them to invest more additional funds. At this point, the victim’s funds have been stolen by the scammer and then the real headache begins. The victim’s pleas for the return of their funds result only in demands for more money, often in fabricated taxes and fees.

Source: Mass.gov

In investment manager schemes, scammers contact potential investors claiming to be successful “investment managers.” These scammers often purport to represent well-known cryptocurrency exchanges or cryptocurrency mining enterprises. Many of them claim to have made millions from successful cryptocurrency investments and promise high returns on the victim’s investment. Typically, they set up sophisticated and official looking websites. However, once a victim transfers their funds to the “investment manager” through one of these websites, they often find the money can’t be withdrawn or that withdrawals are subject to large fees.

Source: Mass.gov

In remote work scams, scammers pose as recruiters or managers looking to hire remote, part-time workers. These scams often target people who have provided their contact information on online job boards. The scammers create elaborate fake websites and ask victims to complete sets of repetitive tasks (e.g., “optimizing apps” and “boosting products”). The victims are told that they will be paid commission in cryptocurrency for completing these tasks based on the value of the product being promoted. The scammers usually ask victims to send a small amount of cryptocurrency to open a work account to get started in the position. These positions have a confusing compensation structure that requires victims to make increasing cryptocurrency payments to get assigned additional tasks.

Victims are led to believe they are making money—and may even be able to withdraw small amounts of their “earnings” in the beginning—but in reality, the scammers are just manipulating victims into sending cryptocurrency to the scammer. 

Source: Mass.gov

You are eligible if you have a supported device, the LOC app on your device, and if you:

• Age 9 or older
• Have a Checking account
• Are current on all your LOC loans
• Don’t have any negative LOC account balances