Pig Butchering is one of the most prevalent forms of scam in recent years. The name itself may seem strange or even disturbing, but it is all too accurate for what these scammers do to their victims and their wallets.

First, these scammers find their victims, usually on online dating websites or apps. They begin to establish a relationship with them, usually with romantic undertones. According to the Global Anti-Scam Organization, victims are “groomed over weeks to become interested in investing in cryptocurrency, forex, gold, etc.”

Day after day, week after week, month after month, the scammers communicate with their victims (never in person, though; this is all done through messaging apps) and essentially build a romantic relationship with them. They may send “good morning” and “goodnight” messages, give compliments, talk about hobbies, exchange stories, all the things that people usually do as they are dating. Once the victim seems to be thoroughly invested in this relationship, however, the scammer strikes. They “introduce victims to a sham investment website or app where victims feel safe depositing funds” (GASO).

The victims, usually having no knowledge of investing or cryptocurrency, deposit their money into these websites in hopes of receiving big returns. Meanwhile, the scammer continues to urge the victim to deposit larger and larger amounts of money, using the idea that the more you invest, the more you get in return.

Sometimes, the scammers even allow victims to withdraw small amounts from these fake apps or websites to make them appear legitimate. However, “the scammer instructs the victim to invest larger amounts of money and often expresses the need to ‘act fast.’ When the victim is ready to withdraw funds again, the scammers create reasons why this cannot happen” (FBI). Even communicating with “customer support” is ineffective since the customer support is usually run by the scammer as well.

At this point, the victims usually realize they have been scammed, but it is too late. Their money is gone and there is little that can be done to recover it. Most often, the scammers are from a country outside of the United States, so it is extremely difficult to prosecute them. Plus, the profiles they create usually do not contain their real name or information, leading to another dead end. Not only that, but “scammers most often stop communicating with the victim after they cease to send additional funds”, so the essentially disappear once the scam is complete (FBI).

Why is this attack called “Pig Butchering” then? Essentially, the scammers “fatten up” their victims by creating a fake romantic relationship with them and then “butcher” them by getting the victims to invest in these fake investment apps or websites.

According to the Global Anti-Scam Organization, this scam is also known as “Sha Zhu Pan (殺豬盤), Crypto Romance Scam, CryptoRom, Hybrid Investment Romance Scam, Romance Baiting”.

Note: Sha Zhu Pan (殺豬盤) means pig butchering in Chinese.

            So, what can you do about this scam? The FBI provided, as a part of their public service announcement, a nice list of ways to protect yourself.

• Never send money, trade, or invest based on the advice of someone you have only met online.
• Don’t talk about your current financial status to unknown and untrusted people.
• Don’t provide your banking information, Social Security Number, copies of your identification or passport, or any other sensitive information to anyone online or to a site you do not know is legitimate.
• If an online investment or trading site is promoting unbelievable profits, it is most likely that—unbelievable.
• Be cautious of individuals who claim to have exclusive investment opportunities and urge you to act fast.

Federal Bureau of Investigation

Of course, we all make mistakes now and again. If you have fallen for this or any type of Internet scam, you can report it to the FBI’s Internet Crime Complaint Center (IC3) here.

Resources & Further Reading

Federal Bureau of Investigation (FBI). “Scammers Defraud Victims of Millions of Dollars in New Trend in Romance Scams.” Internet Crime Complaint Center (IC3), 16 Sept. 2021, https://www.ic3.gov/Media/Y2021/PSA210916.

Global Anti-Scam Organization (GASO). “How Scammers Target You.” Global Anti Scam Organization, https://www.globalantiscam.org/about.