Don’t Fall for the Butchering Scam
Imagine that you get a random text from an unknown number out of the blue: “My dog needs to be taken to the vet urgently. Can you help me?” Are you responding to inform the person that they have the wrong number? Are you ignoring it? What do you think most people would do?
This type of message is one of many used by scammers to lure people into the so-called ” pig butchering,” a scam that saw victims lose $429 million in 2021, according to an earlier press release from the Internet Security Crime Complaint Center in Internet. this year.
What is “pig dressing”?
Butchering pigs is a scam where scammers target victims and form friendships over the course of days or weeks, presenting themselves as financially stable people, eventually encouraging them to invest in cryptocurrencies before convincing them to transfer their assets to a fraudulent website , which is controlled by the scammer.
The scam relies heavily on establishing a strong relationship with the victim, and this makes the technique unique: most victims consider the scammers to be “friends” and build a foundation that is not based on investments, money, or cryptocurrencies. They often lure their victims by posing as attractive young people.
The scammer will turn the conversation to money once enough trust has built up in the relationship, attributing their financial stability to the cryptocurrency. In the end, they convince the victim to buy cryptocurrency from the real site, but they persuade them to transfer the cryptocurrency to a fake cryptocurrency site run by a scammer. The victim is shown an amazing “return” on their investment, ideally to inspire them to keep investing in the fake crypto site.
After all, when the victim tries to withdraw the money, they face many different fees, taxes, and obstacles that cost money and never seem to end. Each one is a way for them to squeeze more money out of the victim before they realize they have been scammed, by which point the scammer has disappeared with a large sum of money ; in some cases millions.
Who is the object of butchering pigs?
Goals are achieved through text messages, Facebook, LinkedIn, WhatsApp or Tinder and are usually highly paid people. Reports have also shown that scammers target people with an empty nest or middle-aged people who may appear lonely as they are more likely to put in the effort to build new relationships.
Ideally, the target is someone who is a professional in their field but is new to or only vaguely familiar with cryptography. They may feel they missed out on the opportunity to invest back when the cryptocurrency was at its peak, but now they are interested in the opportunity to make money from it.
Where did the name “Pig Breeding” come from?
The name comes from the idea of fattening a pig before slaughtering it. It’s a euphemism for victims who squeeze as much as they can out of their money before they realize they’re being scammed.
The scam started when the cryptocurrency was on the rise, but now that it is going down, the scammers are convincing you that you can make money by short selling crypto or selling it before it drops.
Robert McMillan writes for the Wall Street Journal that the scam isn’t solely about crypto — the same technique can be applied to stocks or convince you to send gift cards or wire money to help them if they’re in trouble. The basis of “butchering pigs” is what is called romantic relationship fraud or trust fraud, which has been around for a long time. Cryptocurrency is just a new way to steal from victims because crypto transactions are easy and fast.
How not to become a victim of butchering pigs?
While we like to think that we are smarter than the average person, the reality is that we are all susceptible to fraud. The good news is that there are steps to ground yourself and not fall victim to scam abuse:
- Don’t take investment advice from people you meet online.
- If someone claims to have exclusive investment opportunities and urges you to act quickly, they are probably trying to deceive you.
- If the person comes from unwanted communication, be skeptical.
- Don’t talk to people online about your current financial situation, especially if they are unknown or untrustworthy people.
- If the return on an opportunity is above average or too good to be true, it probably is.
- Never give out your banking information, social security number, or any sensitive information to anyone online or on a website unless you know it’s legal.
What to do if you become a victim of butchering pigs?
If you have been affected by this type of scam, organizations such as the Global Anti-Scam Org and Solidus Labs can help you, offering resources to victims. You can also file a complaint with the FBI Internet Crime Complaint Center .