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flag NY AG warns of "pig butchering" scams using fake relationships to steal money via fraudulent crypto investments.

flag New York Attorney General Letitia James issued a warning about "pig butchering" scams, where fraudsters build fake relationships on social media or dating apps to trick victims into investing in fraudulent cryptocurrency schemes. flag Scammers use encrypted messaging apps, create fake proof of profits, and direct victims to spoofed financial websites, often leading to losses of tens of thousands to over a million dollars. flag Some fraudsters re-contact victims after losses, promising recovery for additional fees. flag The scams, often linked to transnational crime groups, have disrupted banks by manipulating victims to lie about large overseas transfers. flag James urges New Yorkers to avoid unsolicited investment offers, verify online contacts, resist pressure to act quickly, and report suspicious activity to authorities.

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