FinCEN Advisory FIN-2026-A002 · Excerpt On May 12, 2026, the Financial Crimes Enforcement Network (FinCEN) issues this advisory to alert U.S. financial institutions to a continued and evolving threat from "pig butchering" investment fraud schemes targeting American investors, with proceeds frequently moving through unregulated cryptocurrency platforms. Pig butchering schemes typically begin with the perpetrator establishing a relationship with the victim through dating applications, social media, or unsolicited messaging platforms. After cultivating trust over weeks or months, the perpetrator introduces the victim to a fraudulent investment opportunity, often involving cryptocurrency trading on a fake platform controlled by the criminal organization. RED FLAGS: • Customer initiates multiple wires to cryptocurrency exchanges with which they have no prior history. • Transfer amounts that escalate over a period of weeks. • Customer recently widowed, divorced, or otherwise socially isolated, particularly above age 55. • Customer references a new relationship developed through online channels as the source of investment guidance. • Outbound transfers to small or newly-established money services businesses. • Withdrawal of retirement funds (401(k), IRA) to fund the wire transfers. • Customer becomes defensive or evasive when bank staff inquire about transfer purpose.