As the holiday season approaches, four local banks—AbbyBank, Forward Bank,
Northwestern Bank, and Prevail Bank—are coming together to warn their communities
of two fast-growing fraud schemes: pig butchering scams and charity scams.
Pig butchering scams—named for the way fraudsters “fatten up” victims before
financially draining them—often start with a simple text, social media message, or
dating app introduction. Criminals build trust over weeks or months, creating the illusion
of friendship or romance. Once a connection is formed, victims are persuaded to make
investments—usually in fraudulent cryptocurrency platforms—that result in devastating
losses.
“Scammers use emotional manipulation to gain trust,” said Andrew Henning, AVP of
Compliance at Northwestern Bank. “During the holidays, people may feel more
vulnerable to loneliness or more open to generosity, making these schemes even more
effective.”
Charity scams, meanwhile, prey on the goodwill of the season. Fraudsters may create
fake charities, mimic the names of legitimate ones, or use high-pressure tactics to solicit
donations. These scams not only steal money but can also divert much-needed support
from legitimate organizations.
“The holidays bring out the best in people—but unfortunately, scammers exploit that
kindness,” said Jennifer Sobotta, VP/Marketing Director at Forward Bank. “If you’re
asked for a donation, take the time to verify the charity before giving.”
How to Protect Yourself from Holiday Scams
Be cautious of unsolicited messages. If you receive an unexpected text or
friend request, especially from someone who quickly shows personal interest,
proceed with caution.
Verify investment opportunities. Research platforms and speak with a trusted
financial professional before sending money.
Check before donating. Look up charities at www.irs.gov/charities or through
sites like Charity Navigator to confirm legitimacy.
Avoid high-pressure tactics. Real charities will welcome donations
anytime—scammers insist you give immediately.
Guard personal information. Never share sensitive details with people you’ve
only met online.
Report suspected fraud. Contact your bank immediately and report scams to
the FTC at reportfraud.ftc.gov.
This collaboration reflects how local banks are working together to protect their
communities from scams that can have both emotional and financial consequences
during the holidays.
AbbyBank www.abbybank.com
Forward Bank www.forward.bank
Northwestern Bank www.northwesternbank.com
Prevail Bank www.prevail.bank
Member FDIC
