Pig Butchering Scams – Help Protect Your Customers!
By:
Sharon J. Lorman
Jeffrey P. Marsico
Benjamin T. Crowley
Guest: Erin West, Deputy District Attorney, REACT Task Force, Santa Clara County District Attorney’s Office, San Jose, CA
Podcast Show Notes:
Our This Month In Banking (TMIB) podcast features discussion with colleagues and other industry thought leaders on interesting banking topics. TMIB is available on the last Wednesday of every month here, and on Apple and Droid podcast apps for your listening enjoyment. Join us on your commute, at your desk, or at home.
Topic: Pig Butchering Scams – Help Protect Your Customers!
Our guest is Erin West, Deputy District Attorney, REACT Task Force, Santa Clara County District Attorney’s Office, San Jose, California
A pig butchering scam is a type of online investment fraud perpetrated over a long period of time that lures individuals into investing their money in seemingly legitimate and profitable ventures. Scammers create elaborate storylines to fatten up victims into believing they are in a romantic or otherwise close personal relationship. Once the scammer gains the trust of the victim, they bring the victim into a cryptocurrency investment scheme. The term “pig butchering” comes from the scammers’ practice of “fattening up” their victims by building trust over time before “slaughtering” them and stealing their money. The victim is often investing in crypto currencies through apps controlled by the scammers, or deposits their money into accounts that the scammers have access to. These scams, which often originate overseas and involve cryptocurrency “investments,” have become a global problem, with several billions of dollars in reported losses worldwide. Erin West, a California prosecutor, has made it her mission to fight back against these scams and the people executing them. She joins This Month in Banking to enlighten us about pig butchering scams and how community bankers can help their customers avoid victimization. Please listen to this important episode!
Biography
Erin West
Deputy District Attorney
REACT Task Force
Santa Clara County District Attorney’s Office
San Jose, CA
Erin West is an internationally recognized speaker and educator in criminal investigation and prosecution involving cryptocurrency. She has a passion for assisting victims and has served as a Deputy District Attorney in Santa Clara County, California for more than 25 years. For the past 8 years Ms. West has been attached to the REACT high tech task force, known for its arrests and prosecutions of SIM-swapping and recovery of cryptocurrency. Ms. West is an expert in the pig butchering typology and is frequently quoted in international publications on the subject. Ms. West leads the Crypto Coalition, a group of more than 1400 local, state, federal and international law enforcement agents who specialize in cryptocurrency investigation.
Relevant Links
Cyberscoop (2023, July 12). California prosecutor Erin West on the massive wealth transfer to Southeast Asia from a cypto scam called “pig butchering”. Retrieved June 10, 2024, from https://cyberscoop.com/erin-west-safe-mode-pig-butchering/
Office of Inspector General (n.d.). Pig Butchering Scam Alert. Office of Inspector General, Federal Deposit Insurance Corporation. Retrieved June 10, 2024, from https://www.fdicoig.gov/pig-butchering-scam-alert
Harvel, J. (2024, June 1). What is pig butchering, the crypto scam that hit a Kansas bank? Here’s what to know. Cjonline The Topeka Capital-Journal. Retrieved June 10, 2024, from https://www.cjonline.com/story/news/politics/state/2024/06/01/what-to-know-about-pig-butchering-crypto-scam-kansas-banker-fell-for/73897584007/
This podcast relates to The Kafafian Group’s Strategic Management service. Click here for more information.
Watch for episode 104 of This Month in Banking to be released on Wednesday, August 28th, 2024, and a new episode on the last Wednesday of every month.
Thank you for listening!