Pig butchering is the latest variation of the romance scam. This particular version started in China. The scammers refer to their victims as pigs and use a Chinese word that translates to “killing pigs plate.” In the same way a farmer will fatten up a pig before slaughter, the scammer’s goal is to fatten up their victims by getting them to invest all the money they have into cryptocurrency. Then the scammer goes in for the financial kill by taking all of their money and leaving the victim with nothing.
Potential victims are contacted through online dating sites, social media, or by random text messages. Scammers quickly build online relationships with victims preying on people of all ages with various levels of financial sophistication. They often target people who are lonely following a divorce or the death of a loved one. After a level of trust is established over what can be a long period of time, scammers introduce the idea of an investment opportunity in cryptocurrency.
These highly sophisticated schemes involve the use of fake investment portals to convince their victims that they are making money. Some victims are actually able to withdraw purported gains early in the scheme with the intended goal of building more trust. Cryptocurrency investment scams tend to result in massive losses because victims are often convinced to invest everything they have.
Pig butchering is a long play scheme requiring lots of time and effort. Many of the individuals contacting victims are actually being forced to work at overseas call centers. These call centers are operated by crime syndicates that lure workers with false promises and use threats and violence to make them work against their will. It is estimated that there are over 200,000 of these enslaved workers in Southeast Asia with call centers in other parts of the world as well.
If you enter the term “pig butchering” into any internet search engine, you will get a myriad of articles about people losing a lot of money. I recently watched a news story about a woman from a Chicago suburb who lost over a million dollars and was forced to sell her home. Then she had to tell her kids that she lost everything.
If a friend or loved one is investing with someone they don’t know, I beg you to intervene even it means an uncomfortable conversation. Please share this article with others as everyone needs to know about pig butchering. The good news is law enforcement, academia, non-profits, and financial institutions are teaming up to spread the word about the perils of this scam.
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Disclaimer: The information contained in this podcast is intended for informational purposes only and is not a substitute for individual professional / legal advice. The podcast information was carefully compiled from vetted sources and references; however, R.O.S.E. Resources / Outreach to Safeguard the Elderly cannot guarantee that you will not fall victim to a scam.
