Pig butchering scams are becoming a fast-evolving online scam, focused on fake romances and crypto investments. These fraudulent schemes, which evolved in Asia, have now reached all corners of the globe and have resulted in the loss of billions.
Pig butchering scams are one of the most evolved and impactful scams currently in circulation, with deceitful, manipulative and harmful tactics used to trick unsuspecting victims in fraud and scam schemes which last for weeks or months on end – different tactics to other types of online scams, where the scammer often grows impatient. By holding out for a longer period, the scammer can influence their victim and this then results in a large payout.
At WRS, we’re hearing more from victims of pig butchering scams who have lost large sums of cryptocurrency following the ordeal. We’ve successfully recovered funds for clients who believed that all was lost, with over $25 million in lost funds recovered so far. In our latest blog, our co-founder and solicitor Josh Chinn takes a closer look at pig butchering scams and how you can protect yourself against these scams.
What Is A Pig Butchering Scam?
A pig butchering scam is a hybrid scam scheme, combining romance fraud and investment fraud. It gets its name from the way that scammers approach victims, as well as the Chinese phrase Shāzhūpán.
In the same way that pigs are raised for a long time before being slaughtered, the scammer will spend a lot of time getting to know their victims and connecting with them on a personal level, before scamming them out of a significant amount of funds. Pig butchering scams differ from other types of scams, where the scammer will soon grow impatient in their hunt for quick profits.
Once the scammer has gained the trust of their victim, they will usually get them to invest in crypto platforms or coins. But, unbeknownst to the victim, the scammer will control the platform and, eventually, they will take the victim’s money.
How Do Pig Butchering Scams Work?
In the same way that many online scams are initiated, with pig butchering scams, communication between the victim and scammer starts with a random, out of the blue, message which aims to prompt the victim into saying that they have the wrong number. Following this, the scammer will apologise and then begin to initiate casual conversation. Through these messages, an ongoing conversation and subsequent relationship will form between the victim and the scammer.
With pig butchering scams, the scammer will usually set out by deliberately picking their intended victims through their relationship status or other personal traits – this is what makes this form of scam very manipulative and emotionally driven, as scammers tend to target lonely or vulnerable individuals who they can coerce into making cryptocurrency investments.
The goal of a pig butchering scammer is to form a friendly, or ideally romantic, connection with their intended victim. This is so that they can build trust with the victim, which usually happens over a period of weeks or months. Sooner or later, an opportunity will arise where the scammer finds a way in which they can steer the conversation towards finances.
They will then present the victim with an “opportunity” in which they can get huge returns on their investment. It could be a more traditional investment opportunity such as stocks and shares, but pig butchering scams have become more synonymous with cryptocurrency scams.
It’s at this point that the victim might get some suspicions, but the scammer will usually be quick to reassure them. If using cryptocurrency, then they can show that there isn’t a connection between them and the account, or one that the victim can see at least, and that all they need to do is simply create an account to deposit their funds.
One of the most important things to note about pig butchering scams, which makes them different from other scams, is that the scammer will always maintain that the victim is in control. It is the victim who will create the account, deposit the funds and choose which investments to make. This means that the scammer only offers helpful “advice” which of course, speeds the process along, but also makes it more profitable for the scammer.
Sooner or later, the scammer will have built up enough within the victim’s cryptocurrency account that it becomes worth it and they deposit the funds, ceasing all contact with the victim again. It is usually only at this point that the victim learns the truth about what has been happening and finds that all their funds have disappeared.
Protecting Yourself From Pig Butchering Scams
Pig butchering scams are at an all time high, so it is important to protect yourself against falling victim by doing things such as:
- Avoid sharing your personal information with anyone you get into contact with online
- Never send money or cryptocurrency to someone you haven’t met in real life
- Don’t invest in things or download apps that someone has recommended to you online
- There is no such thing as guaranteed returns, so if someone promises you these, you should look to avoid
- If you aren’t sure how cryptocurrency works, then don’t invest
If you suspect that you are in contact with a pig butchering scammer, you should look to do the following:
- Cease All Contact – stop all communication with the scammer across text, messages, social media and email. Don’t give them an explanation as to why, or say goodbye, as this can make them suspicious and could mean that any money sent so far is dealt with quickly.
- Change Your Passwords and Login Details – if you have shared any account details or numbers with the scammer, or hold access codes for your cryptocurrency trading accounts, then you will need to change the passwords for these accounts.
- Monitor Your Accounts – keep a close eye on your crypto and banking accounts so that you can spot any unfamiliar transactions or movements.
What Next?
Pig butchering scams are one of the most emotional and manipulative scams in circulation. At the point that the victim learns that they have been scammed and have lost large sums of money, they will likely feel embarrassed and alone, with the thought that there is no way of getting their funds back.
This is where WRS come in. We’ve had huge successes in recovering funds lost through pig butchering scams, and our experienced and empathetic team of solicitors are on hand to provide advice on a no win, no fee basis with our free consultations. Get in touch with us today.
