CHICOPEE, Mass. (WWLP) - The FDIC Office of Inspector General issued a new scheme alert to inform consumers of a type of scheme known as "pig butchering." MassDOT warning drivers of EZDriveMA text message scheme What is "pig butchering" "Pig butchering" schemes are on the rise, which refers to a type of online investment fraud. How this scheme works is a victim is lured into making increasingly large deposits, that are often in cryptocurrency, to a fake investment platform. The schemers are then "slaughtering' the victim's funds once it's invested. This term comes from a Chinese phrase that translates to "killing the pig," and essentially is the idea of fattening up a pig before it's slaughtered. How to avoid becoming a victim Don’t send money, trade, or invest with a person you have only met online Don’t speak about your financial position or investments Don’t share personal information with people or online persons whom you haven’t validated or don’t trust Be wary of large-interest earnings on short-term investments Where can you report this scheme? If you suspect you are a victim, notify your bank immediately. Contact your local police department and file a police report. You can also file a complaint on the FBI’s Internet Crime Complaint Center (IC3). Local News Headlines School bus, car involved in crash at Springfield intersection Ware man faces 6 charges including sexual contact with animals “Pig butchering” schemes on the rise: What to know Wildfires in Massachusetts and California prompt safety reminder as open burning season begins WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on WWLP.com.