Financial Education Resources

Pig Butchering scams bear an ominous name due to the horrific nature of the scam. These scams are orchestrated by fraudsters who gain the trust of victims over time and then deceive them into investing in fake crypto assets or another fraudulent investment opportunity. The term refers to the agricultural practice of fattening pigs before slaughter, symbolizing how scammers “fatten” their victims with false attention before exploiting them financially.

How Pig Butchering Scams Work

Pig butchering scams follow a sophisticated and well-orchestrated process to deceive victims and steal their money. Though there are some variations, these scams typically follow the following pattern:

1. Fake profiles: Scammers create phony online identities, often posing as successful investors or attractive singles on dating apps and social media. These fake identities are carefully crafted to appeal to potential victims’ interests and vulnerabilities and use stolen or artificial intelligence (AI)-generated photos and fabricated backstories to make their personas seem credible and trustworthy.
2. Initial Contact: Scammers will contact potential victims via dating apps, social media, or even random phone calls and texts. They may use scripts and pre-written messages to initiate conversations to gauge the victim’s receptiveness. They often cast a wide net, contacting numerous potential victims in hopes of finding someone to fall for their tricks.
3. Building trust: Scammers spend weeks or months building a relationship with the victim, feigning romantic interest or investing experience. They communicate frequently with friendly conversation, showing interest in the victim’s life and sharing personal stories to create a false sense of intimacy or rapport. They might not mention anything about money or investments initially, unless the tactic specifically targets investors. They often use “mirroring” techniques to match the victim’s language, interests, and beliefs to create a sense of connection and familiarity. Sometimes, they send small gifts or tokens of affection to gain the victim’s trust and emotional investment.
4. Investments: Once trust is established, the scammer steers the conversation toward investments which usually involves cryptocurrency or alternative assets like foreign exchange. This turn is framed as an opportunity to build a future together or help a victim acquire wealth quickly. Scammers present themselves as experienced investors who want to help the victim get started and succeed or will claim to have a friend they trust with their investments.
5. Deposits: Scammers convince victims to download an investment app or visit an investment platform, both fraudulent. The victim is then guided through the process of creating an account and making an initial deposit, which is typically a relatively small amount to lower the victim’s guard. Scammers may even let the victim withdraw from the account to further build trust and make the investment seem legitimate.
6. Manipulating the investment: Once the victim has made an initial deposit, the scammer uses manipulated data and fake reports to show huge returns on the investment. They encourage the victim to capitalize on this supposed success by investing more money, often using time-sensitive offers or claiming that a big opportunity is about to pass. Scammers may also introduce a sense of exclusivity, claiming that the victim is part of a select group with access to these special investments. As the victim invests more money, the scammer continues to show false profit reports and uses emotional manipulation to stay in control, might profess love, promise a shared future, or even use threats and intimidation.
7. Vanishing act: Eventually, when the scammer has extracted as much money as possible from the victim, they abruptly cut off all communication and disappear. The fraudulent investment website or app is taken offline, and the victim is left with no way to access their supposed investment or contact the scammer. In some cases, scammers may even use the information gained during the scam to commit identity theft or target the victim’s friends and family.

Save Yourself From Being Butchered

If you get an unexpected message, delete it. If you respond, you are telling the scammer the number they targeted is a real, working number, putting you at risk of being targeted again.

NEVER click on links! Bogus links usually contain malware that could be installed on your phone, giving the scammer access to your phone.

If an investment seems too good to be true, then it probably is. Think twice about sending money online as part of an investment platform that guarantees unprecedented returns.

If you or someone you know has fallen victim to this scam, don’t be embarrassed. Contact your bank and law enforcement to help mitigate further loss.