“Pig butchering” scams — in which victims invest increasing sums in supposedly legitimate virtual currency enterprises before being conned out of their money — depend on cryptocurrencies to function. But the connections between crypto and this skyrocketing scam run much deeper than the fake investments that ensnare consumers.

A new form of investment scam has skyrocketed in recent years as criminal syndicates target consumers through online channels. Called “pig butchering,” this new scam is increasingly relevant, including among the consumers and communities that community banks serve.

Banks and their customers continue to be challenged by a rise in fraud and scams across payment types. Most significantly, check fraud has emerged over the past several years as a leading concern.