Scammers are constantly adapting to new ways to try to separate you from your money. One newer tactic that has been gaining traction in 2024 is pig butchering. Pig butchering is a long-con cryptocurrency scam that uses human emotions to prey upon its victims. From 2023 to 2024, the FBI estimates Americans lost nearly $4 billion to pig butchering, a 53% increase from the year prior. The theft amount is so large it’s now being dubbed as a mass transfer of wealth from middle-class Americans to criminal gangs in Southeast Asia.
Combating the scam legally has been quite difficult. Due to its international scope, a fraction of lost funds has been returned but American law enforcement has been unable to make a single arrest. Worse yet, perpetrators on the other side are often themselves victims of human trafficking.
Apps like WhatsApp, Facebook, LinkedIn, and dating apps like Bumble and Tinder are the prime location for beginning the scam. A simple “hello” message from a stranger can turn into a month or years-long effort of a scam. As trust is built and conversations progress, the scammer will slowly convince you to invest in cryptocurrency. Tech companies such as Coinbase, Meta, Match group, and anti-scam charity organization GASO have banded together to create the “Tech Against Scams Coalition”. While defensive measures continue to progress, it’s important to make informed decisions while using the internet.
How to avoid being part of a Pig Butchering Scam:
- Don’t respond or engage with unsolicited messages.
- If you are messaging with someone who refuses to interact face-to-face, they most likely aren’t the person they say they are.
- Don’t share your financial information with individuals you have not met in person. If you have developed a virtual friendship or romantic relationship with someone who begins to ask financial questions, halt the interaction.
- Talk of investing can be the biggest indicator that a scam is occurring. Be wary of any investment advice given, especially when it comes to cryptocurrencies. Do research of your own and add words such as “scam” or “fraud” to see what results show. Be cautious of wording such as “guaranteed” or dialogue preying on emotions.
- Applying pressure or creating a sense of urgency can be another indicator of a scam. Scammers are looking to part you from your money as quickly as they can.
For more insight on cryptocurrency pig butchering, visit Financial Crimes Enforcement Network (FinCEN).
If you are or believe you are a victim of internet fraud, file a report with FBI’s Internet Crime Complaint Center.
