What is a Pig Butchering scam?
A pig butchering scam is online investment fraud which involves scammers creating fake personas to pull victims into fraudulent schemes. The term “pig butchering” comes from the scammers’ practice of “fattening up” their victims by building trust before “slaughtering” them and wiping out the victim’s assets, or “taking the whole pig.”
How does a Pig Butchering scam work?
- Creating a phony identity: Scammers create phony personalities, posing as successful investors or singles on dating apps and social media, crafting an image to appeal to the victims’ interests.
- Initiating conversation: Scammers will reach out to victims via dating apps, social media, or calls and texts and use scripts to initiate conversations.
- Building a relationship: Scammers spend weeks building a relationship, often feigning romantic interest. They engage in friendly chats, showing interest in the victim’s life to create a false sense of intimacy.
- Turn towards investments: Once trust is established, the scammer moves the conversation to investments – often through cryptocurrency. They frame this as building a future together.
- Initial deposit: The scammer convinces the victim how to make an initial deposit through an app or fake website – starting small to lower the victim’s guard.
- Manipulating investment: The scammer uses fake reports to show large profits on the initial investment and encourages the victim to invest more to take advantage of this supposed success, using emotional manipulation.
- Vanishing: When the scammer has stolen as much money as possible, they cut off all communication, and shut down the investment website or app, leaving the victim with no way to access their money.
Warning signs of Pig Butchering scams
- Unexpected messages from unknown numbers or social media accounts.
- Claims of guaranteed high returns with little or no risk. If it sounds too good to be true, it probably is.
- Pressure to invest quickly. Legitimate opportunities rarely require rushed decisions.
- Romantic interest from strangers. Be cautious of anyone online that claims strong feelings and then asks for money.
- Requests for personal information. Don’t share data like bank details with unverified individuals.
- Unregistered investment platforms. Check whether investment websites or apps are registered with official regulators.
If you experience the warning signs above, it’s best to ignore the person or end the conversation. Scammers are skilled at building trust and manipulating victims, so it’s crucial to end contact.
What to Do If You’ve Been Scammed
If you suspect you are a victim of a Pig Butchering Scam, notify your bank immediately. Contact your local police department and file a police report. File a complaint on the FBI’s Internet Crime Complaint Center (IC3): https://www.ic3.gov.
Victims should also report to cryptofraud@usss.dhs.gov and the Secret Service will refer your email to an appropriate field office for immediate action.