Pig-butchering scams are getting more sophisticated — and more costly — by the day.
One report found criminals have swindled an estimated $75 billion from victims. And just recently, a criminal organization in Asia was taken down, adding another $46 million to that tally.
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I’ve talked to lots of pig-butchering victims. One guy called my national radio show because a woman DMed him on Facebook about a crypto investment. He gave her money and did not want to believe me when I told him he was being set up for “slaughter.”
No surprise, AI is making these crimes a lot easier to pull off. I’ve got the scoop on the latest tricks so you don’t fall for them.
The missing link
Pig-butchering scams rely on a formula. It starts all lovey-dovey with promises of quick riches over the course of months to “fatten you up.” Then, once they have your trust, they send you to “slaughter” with a crypto or other financial scam.
In the past, these scammers would say no to video chats so you didn’t know your new “girlfriend” or mysterious financial advisor is really a network of clever criminals.
Now, they have deepfake software good enough to face-swap in real time. With just a click, the person on the other end of your video chat can change their appearance and “prove” they’re who they claim they are.
These scams, though, won’t work without a strong internet connection. That’s hard to come by in many of the countries where pig-butchering schemes originate. To solve that problem, crooks are buying Starlink satellite dishes.
The U.N. reports 80 Starlink satellite units were seized in Southeast Asia between April and June of this year. Thai police rounded up 58 devices in June alone. In another bust, law enforcement picked up 10 Starlink satellites and almost 5,000 preregistered SIM cards.
A real drain
“Crypto draining” is another scamming technique on the rise. The criminal sends a link to what looks and feels like a legitimate trading platform or service. You connect your crypto credentials, and, just like that, your money is redirected right into a criminal’s wallet.
Crypto drainers are all over social media, too. In one campaign that ran from March to December of 2023, they got away with $59 million from over 63,000 victims worldwide.
The chop shop
Pig-butchering schemes come in many shapes and sizes. Here are three wild stories that paint a picture of what to look for.
Linking up: A 70-year-old Colorado man met a young woman on LinkedIn. When he told “Nicole” he was dreaming of a trip to Scotland, she directed him to a crypto-trading website. Before long, he’d invested his retirement money and taken out a second mortgage on his home.
The website showed he’d more than doubled his money, but he couldn’t make any withdrawals and received a warning his account was “flagged for illegal activity.” In the end, he lost his life savings … to the tune of half a million dollars.
Love is blind: A software developer from Santa Monica spent over two months chatting with “Jenny” on a dating app. Eventually, Jenny shared an investment opportunity. What started as $1,000 in cryptocurrency snowballed into a staggering $740,000 down the drain. A friend intervened before the developer lost his house.
Absolutely despicable: An Illinois widow met an oil rig worker online. They made their “relationship” official, despite not meeting in person, and he began requesting money. The first time, it was $20,000 to repair a rig. Then, he asked for another $35,000. The requests continued, and eventually, Erika sent him over $1 million.
The man Erika loved left her with a home equity loan, taxes on withdrawn retirement investments and $400 to her name.
You see the through line in these stories, right? The criminal preys on someone’s trust to get to their wallet. You’d better believe kindhearted folks are the biggest targets.
What can you do to protect yourself?
Pig-butchering scammers are all over Facebook, LinkedIn, WhatsApp, and dating apps like Tinder and Bumble.
I’ve got six tips to avoid becoming a victim:
1.Don’t answer unsolicited texts: If it’s from an unknown number or social media account, nine times out of 10, it’s a scam. If they keep messaging you after you tell them they have the wrong number, hit that “Block” button.
2.Don’t mix business with pleasure: Be wary of anyone who’s quick to profess strong feelings for you and then asks for money. Online dating and investing seldom cross paths.
3.Don’t overshare: This includes sharing personal or financial info over text, especially with people you’ve never met in person.
4.Do your homework: Even legitimate investment opportunities come with risk. Be suspicious of any claims of high returns at little to no downside. Major red flag.
5.It’s never urgent: Don’t give in to pressure from someone encouraging you to make a quick investment decision. If it’s a real opportunity, it’ll be there next week; otherwise, it’s gambling at best.
6.Phone 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 could save someone else. You can file a report with the FBI through the Internet Crime Complaint Center (IC3).
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