With Sweetest Day coming up on October 18, state officials are warning consumers to watch out for romance investment scams, also known as “pig butchering.” These scams often start online — sometimes with a wrong-number text or a new romantic connection — and end with victims losing thousands of dollars.
In 2024, investment-related fraud made up less than five percent of fraud reports to the Federal Trade Commission, but caused over $5.6 billion in losses, with a median loss of more than $9,000 per victim.
Officials say to watch for red flags like pressure to invest quickly, overly affectionate “love bombing,” or new social media profiles with few posts. Never send money or invest with anyone you’ve only met online.
If you suspect you’ve been scammed, stop all contact, save your records, and report it to your bank, law enforcement, and agencies like the Wisconsin Department of Financial Institutions or DATCP. For help, visit ConsumerProtection.wi.gov or call 800-422-7128.
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