Pig butchering scams are becoming more sophisticated and the amount of damage is increasing day by day. One report found that criminals defrauded victims of an estimated $75 billion. And just recently, the bust of an Asian criminal organization added another $46 million to that number.
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I spoke to many victims of pig slaughter. A man called my national radio show because a woman had sent him a DM on Facebook about investing in cryptocurrencies. He gave her the money, but didn’t believe me when I told him it was being set up for a “massacre.”
Unsurprisingly, the advent of AI has made these crimes much easier to carry out. We’ve got the scoop on the latest tricks so you don’t get scammed.
missing link
Pig butchering scams rely on a certain technique. It’s all lovey-dovey and starts with months of get-rich-quick promises to “make you fat.” And once they gain your trust, they send you to a place where they “massacre” you with cryptocurrencies and other financial fraud.
A 12-year-old boy types on a laptop on December 19, 2023 in Bath, England. (Matt Cardy/Getty Images)
Previously, these scammers would say “no” to video chats, so you wouldn’t know that your new “girlfriend” or mysterious financial advisor was actually a network of sophisticated criminals. Now they have enough deepfake software to swap faces in real time. With just a click, your video chat partner can change their appearance and “prove” who they are.
However, these scams will only work if you have a strong internet connection. This is difficult to achieve in many countries where pig slaughter programs have begun. To solve this problem, scammers are purchasing Starlink satellite dishes.
The United Nations reports that 80 Starlink satellite units were seized in Southeast Asia between April and June this year. Thai police arrested 58 devices in June alone. In another raid, law enforcement agencies seized 10 Starlink satellites and about 5,000 pre-registered SIM cards.
Do this with your family videos before it’s too late
real drain
“Crypto leakage” is also a growing fraud method. Criminals send links to trading platforms or services that look and feel legitimate. Once you connect your cryptocurrency credentials, your money will be redirected directly to the criminal’s wallet.
Cryptocurrency leakers are also everywhere on social media. One campaign, which ran from March to December 2023, forfeited $59 million from more than 63,000 victims worldwide.
chop shop
Pig butchering projects come in all shapes and sizes. Here are three outlandish stories to show you what to look for.
A visualization of the virtual cryptocurrency Bitcoin. (Reuters/Edgar Hsu)
Linkup: A 70-year-old man from Colorado met a young woman on LinkedIn. When he told “Nicole” he was dreaming of traveling to Scotland, she directed him to a cryptocurrency trading website. Eventually, he invested his retirement money and took out a second mortgage on his home.
The website showed he had more than doubled his money, but he was unable to withdraw money and received a warning that his account had been “flagged for illegal activity.” In the end, he lost his life savings, amounting to $500,000.
Love is blind: Santa Monica software developer chatted with “Jenny” on a dating app for over two months. Eventually, Jenny shared an investment opportunity. What started as a $1,000 cryptocurrency snowballed to a whopping $740,000. A friend intervened before the developer lost the house.
Shocker: Your phone has a built-in expiration date
That’s totally despicable. An Illinois widow met an oil rig worker online. Despite not meeting in person, they officially announced their “relationship” and he started asking for money. The first time, it cost $20,000 to repair the rig. He then asked for another $35,000. The demands continued, and eventually Erica wired him more than $1 million.
The man Erica loved left her a mortgage, taxes on retirement investment withdrawals, and $400 to Erica’s name.
You see a through line to these stories, right? Criminals prey on someone’s trust to get their hands on your wallet. You better believe that kind-hearted people will be your biggest targets.
What can I do to protect myself?
Pig butcher scammers are all over Facebook, LinkedIn, WhatsApp, and dating apps like Tinder and Bumble.
The photo is the logo of the dating app “Tinder.” (AP Photo/Patrick Sisson)
Here are six tips to avoid becoming a victim.
Don’t respond to unsolicited messages. If the message comes from an unknown number or social media account, there’s a 9 out of 10 chance it’s a scam. If the person continues to send messages after you tell them that the number is incorrect, please press the (Block) button. Don’t confuse business with pleasure. Be wary of people who are quick to profess strong feelings for you and then ask for money. Online dating and investing rarely cross paths. Don’t overshare. This includes sharing personal and financial information over text, especially with people you have never met in person. Please do your homework. Even legitimate investment opportunities involve risks. Be suspicious of claims of high returns with little downside. Major red flag. It’s never urgent. Don’t succumb to pressure from someone urging you to make a quick investment decision. If it’s a real opportunity, it will happen next week. Call a friend: When in doubt, get a second opinion on the situation or opportunity from someone you trust before you pull out your wallet.
Think you were targeted? I know it’s hard to admit, but reporting it may help others. You can file a report with the FBI through the Internet Crime Complaint Center (IC3).
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