What is Pig Butchering?
How to Recognize It
Note: October is National Cyber Security Awareness Month
“Pig butchering” scams have been making headlines lately—and for good reason. The unsettling term describes how scammers “fatten up” their victims by gaining trust over time before stealing as much money as possible.
Also known as “accidental text” scams, these schemes often start with a random message that seems innocent. But over time, scammers use multiple tactics to gain trust and deceive victims.
You can keep your wallet safe by recognizing the red flags and safeguarding your data.
What is a Pig Butchering Scam?
The term “pig butchering” comes from the Chinese phrase shu zhu pan, which translates to “killing pig plate.” In this scam, the victim (the “pig”) is gradually tricked into making larger and larger financial commitments, while the scammer prepares to steal everything.
These scams first emerged in China in the late 2010s, particularly targeting offshore gamblers. Many of the organized crime rings behind pig butchering are still based in Asia but have since expanded their reach worldwide.
How Pig Butchering Scams Work
Pig butchering scams often share similarities with romance scams and cryptocurrency fraud. Here’s how they typically unfold:
- Accidental Contact: Scammers may reach out via text, social media, dating apps, or messaging platforms with a message that seems like an innocent mistake.
- Investment Persuasion: Once they’ve gained the victim’s trust, scammers pitch fraudulent investments—often in cryptocurrency, gold, or forex. But these investments are fake, and the victim’s money goes straight to the scammer.
- Ongoing Manipulation: Scammers maintain regular contact, encouraging victims to invest more. They may even show fake returns, provide small “withdrawals,” or direct victims to fraudulent apps that mimic legitimate financial platforms. When the victim becomes suspicious or runs out of money, the scammer disappears.
Red Flags to Watch Out For
To avoid falling victim to a pig butchering scam, stay alert for the following warning signs:
- An unexpected message from a stranger that seems like a mistake but leads to ongoing conversation.
- Discussions that turn to investment opportunities, especially in cryptocurrency, gold, or forex.
- Pressure to continue investing after initial deposits.
- Strange messages through social media, WhatsApp, dating platforms, or even wrong-number phone calls, potentially aided by AI tools.
Remember, it’s best not to respond to any unsolicited communication from strangers—even if it seems like an innocent mistake.
The Mechanics Behind the Scam
Many pig butchering scammers work for organized crime syndicates and may even be human trafficking victims forced into these schemes. Scammers buy phone numbers from data brokers or use numbers stolen in data breaches, sending messages to millions of people in hopes that someone will respond.
Once a victim engages, the scammer steers the conversation toward investment opportunities. They’ll often show fake screenshots of returns, or share images of a glamorous lifestyle to lure victims in. Some victims are even added to group chats full of scammers pretending to be investors.
The scammer’s goal is to drain as much money as possible, even convincing victims to empty their savings, dip into retirement funds, or take on debt. If a victim asks for their money back, the scammer may claim they need more funds to cover “taxes” or “brokerage fees.” Once the scammer has bled the victim dry, they cut off all contact.
What to Do if You’re a Victim
If you think you’ve fallen prey to a pig butchering scam, immediately stop all communication with the scammer and cease any further investments. Contact your bank and report the fraud to the Internet Crime Complaint Center (IC3) right away. The sooner you act, the better the chance of recovering your money.
To protect yourself from these scams in the future, be cautious about sharing personal information online and follow basic cybersecurity best practices.
