A “pig butchering” scam is a type of online fraud where scammers build a romantic relationship with a victim, then manipulate them into investing in fake cryptocurrency or other schemes, ultimately stealing their money. The term alludes to the practice of fattening a hog before slaughter. More recently, it refers to how scammers “feed” their victims with promises of romance and riches before taking all their money.
How it works
1. Building a Relationship:
Scammers start by creating a fake online persona, often using stolen photos or fabricated profiles. They will engage in conversations, building a relationship with their target, often claiming to have met through a mutual friend or through dating apps.
2. Luring into Investment:
Once trust is established, the scammer will introduce a fake investment opportunity, often involving cryptocurrency. They may even allow the victim to withdraw a small amount initially to build confidence.
3. Exploiting the Relationship:
The scammer will then pressure the victim to invest larger amounts, promising quick and significant returns. They may use the established relationship to exert influence and control.
4. The “Butchering” Stage:
Once the victim has invested a significant sum, the scammer will refuse to allow withdrawals from the supposed investment accounts and will come up with one excuse after another for why if the victim pays just a little more money, they’ll be able to get their money out. The scammers will often continue to correspond with the victim as long as there might be any chance that they will contribute more money to the scam. They are not satisfied until they take everything they can, leaving the victim financially ruined.
Key characteristics of pig butchering scams:
- Online romance – Scammers use fake profiles and build romantic relationships to gain trust and control.
- Fake investment schemes – They offer unrealistic investment opportunities, often involving cryptocurrency.
- Emotional manipulation – Scammers use tactics like love bombing and guilt-tripping to pressure victims into investing.
- Inability to realize supposed earnings – Once the victim tries to make significant withdrawals to realize their supposed earnings, excuses are offered for why such a withdrawal is not allowed and additional contributions are required to enable them – but the excuses never end.
How to Protect Yourself
- Be wary of unsolicited messages – Especially those from unknown contacts or those claiming to have met through a dating app.
- Don’t share personal information – Avoid sharing financial details or other personal information with people you haven’t met in person.
- Research investment opportunities – Before investing, research the investment and the person or company offering it.
- Don’t fall for unrealistic promises: – Be skeptical of promises of guaranteed returns or quick riches.
- Be vigilant – If something feels off or too good to be true, it probably is.