Pig Butchering Scams

• Pig butchering scams involve scammers building trust with victims before convincing them to invest in cryptocurrency or other fraudulent schemes.
• Scammers often make initial contact through wrong number texts or social media platforms like LinkedIn, dating apps, Instagram, or Facebook.
• They research their targets using social media to find common interests and build rapport.
• Scammers use fake profiles and identities to build trust with victims and exploit their weaknesses.
• Victims are lured in by the promise of easy money and the illusion of legitimacy created by the apps and platforms.
• The estimated losses from pig butchering scams in the US alone were over $3 billion in 2022.

Tactics

• Scammers gradually turn the conversation toward money by presenting investment opportunities, but they avoid directly asking for money.
• Victims are guided to set up their own accounts and invest, making the scam appear more legitimate.
• Scammers use legitimate-looking apps and platforms to trick victims into investing in fake cryptocurrency investments.

Prevalence

• Pig butchering scams took off during the COVID-19 pandemic when many people were isolated and vulnerable.
• Pig butchering scams in Cambodia generate revenue equivalent to half the country's GDP, making it difficult to shut down.

Working Conditions

• Victims are often forced to work long hours in scam compounds under threat of violence.
• Working conditions in these compounds are brutal, with reports of abuse and violence.
• Scammers are often victims of kidnapping, torture, and coercion.

Prevention

• Platforms should do more to prevent the creation of fake accounts targeting people for these scams.
• Awareness is key to reducing the prevalence of pig butchering scams, as it can happen to anyone, regardless of age or tech-savviness.
• Red flags to look out for include expressions of love or mentions of cryptocurrency within a month of talking to someone on a dating app.

Dealing with Victims

• Kindness and understanding are important when dealing with victims of pig butchering scams, as they are often trusting individuals who have been taken advantage of.