A growing kind of fraud called “pig butchering” blends a fake romance with a fake investment. The scammer builds trust over weeks, then steers the victim into a phony crypto platform that shows fake “profits” — until the money is gone.
One recent story
In 2025, a widow in her 70s in San Jose believed she had met someone online. Over time, a scammer who called himself “Ed” — who would never meet in person and insisted the relationship stay secret — guided her into wiring money into a crypto “investment.” She watched fake profits appear within seconds and was told to send more. She ultimately lost close to $1 million, drained her retirement account (leaving a large tax bill), and reportedly could lose her home. Her story, reported by ABC7 News, is sadly common.
What the numbers say
According to the FBI's 2025 Internet Crime Report, Americans age 60 and older lost $7.75 billion to cybercrime — a 59% jump over the prior year. The average older victim lost about $38,500, and more than 12,400 lost over $100,000 each. Confidence and romance scams alone cost older victims about $584 million.
How to protect yourself or a parent
- Never send money — especially crypto or wires — to someone you haven't met in person, no matter how real the relationship feels.
- Be suspicious of secrecy and urgency. “Don't tell your family” is a giant red flag.
- Talk to someone before tapping home equity. A quick call to a trusted family member, a HUD counselor, or an attorney can stop a catastrophe.
- Report it at the FBI's IC3.gov, and call the 24/7 Homeowner's HOPE Hotline (888-995-HOPE) if your mortgage is now at risk.
If a scam has already put your home in jeopardy and you've fallen behind, please know there are still options — reinstatement, a repayment plan, or a modification, and if needed, selling before a foreclosure sale to protect your remaining equity. We'll help you understand them, with no pressure and no judgment.
This is a sensitive subject. If you or someone you love is dealing with the aftermath of fraud and financial distress, you don't have to face it alone — reach out to us, a trusted person, or a HUD-approved counselor for support.