Just last year, the Iowa Attorney General’s Office received more than 13,000 financial fraud reports, adding up to more than $43 million in financial losses. That’s a lot of dough headed right into the hands of criminals.
What makes these losses even worse is when it’s caused by an alarmingly prevalent type of financial scheme referred to as ‘pig butchering.’ This is a particularly vile and sophisticated form of a financial fraud that occurs when a perpetrator befriends a potential victim, earns their trust, and then “butchers” them by convincing them to give them a huge sum of money, leaving victims financially devastated.
Today, I questioned Treasury Department officials at the House Financial Services Committee about their work to prevent ‘pig butchering’ and how my bipartisan bill, the Empowering Law Enforcement to Combat Financial Fraud Act, can be an important factor in the strategy to combat this insidious fraud scheme.
Check out the video below to learn more about this horrible crime and the steps I’m taking to help give local law enforcement the ability to investigate the fraudsters behind ‘pig butchering.’