Imagine meeting someone online who seems perfect. They're charming, attractive, and share your interests. You spend hours chatting, sharing your dreams and vulnerabilities. But this seemingly idyllic connection could be a trap, leading to financial ruin and emotional devastation.
This is the reality of "pig butchering," a sinister type of online scam that combines romance with ruthless financial exploitation.
In this article, we explain what pig butchering scams are and how you can spot the red flags to prevent being a victim.
What is a Pig Butchering Scam?
Pig butchering scams are a type of cyberthreat where scammers gain the trust of’ their targets before stealing their investments.
It’s called pig butchering because of an analogy wherein the victim is seen as a pig, being fattened up by the cyberscammer.
The scammer, acting as the "butcher," cultivates a relationship with the victim, "fattening them up" with affection and promises of wealth. This often involves creating a fake persona and feigning romantic interest to gain the victim's trust. Once trust is established, the scammer convinces the victim to invest in a fraudulent scheme, leading to significant financial losses.
Targets are often acquired through social media or dating apps. The scammer's goal is to gain the victim's trust and to then ask for money, digital currency or personal information. They may have already acquired information about the victim from previous phishing, vishing or smishing scams, identifying them as an easy target and building a profile most likely to attract them.
Read: What is a Romance Scam and How to Spot Them?
How to spot Pig Butchering scams?
Any scam can be difficult to detect, this is especially true in pig butchering as scammers often employ sophisticated social engineering tactics to gain victims' trust. However, by being aware of common red flags, you can significantly reduce your risk of being impacted.
These scams usually progress very quickly, starting with excessive flattery. They will typically pressure you to commit to a serious level of relationship or business very early on.
The scammer may give vague or contradictory information about themselves, their job, or their personal life whilst using stolen profile photos to create a fake identity.
They are likely to discourage you from talking to your friends or family about them by claiming they are jealous or possessive. This makes it harder for the victim to seek advice or support.
The scammer will escalate to asking for money under false pretenses. This could be a medical emergency, travel to see you or related to their businesses. They will often put pressure on the victim to send money urgently so they don’t have time to think it through.
