When someone reaches out online with kindness, it feels natural to respond—especially when that connection grows into friendship or even romance. Unfortunately, it may be the start of a cruel scheme known as a pig butchering scam, which has the potential to do some serious financial damage. The good news? Knowing what to watch for will help keep you or a loved one from becoming a victim. Below you’ll find everything you need to know about pig butchering scams, including what experts say you should do if you’ve been targeted.
What is a pig butchering scam?
The name of this scam sounds unpleasant—and unfortunately, it fits the level of damage it causes.
Essentially, fraudsters build trust with the person they are targeting (often through a romantic relationship) and make them believe they will be earning significant profits on investments like crypto. This is the equivalent of a farmer “fattening up” a pig.
Then comes the “butchering” aspect, which is when the scammer disappears with all of the victim’s money. The result is a serious financial problem for the individual who has been scammed, especially when significant savings have been handed over.
Unlike phishing attempts, which happen to most people on a regular basis, this particular scheme doesn’t occur as frequently—but that doesn’t mean it isn’t a concern.
“While it is not among the most prevalent scams, the impact is typically the most severe,” says Al Pascual, CEO of Scamnetic. “Online shopping scams are the most common, but pig butchering accounts for nearly half of all losses for victims in the U.S.”
How pig butchering scams work
This scam requires significant planning and effort on the part of the fraudster, which is why it unfolds differently than quick-hit schemes. While scams like phishing texts and emails can be done quickly and sent out to masses of people, pig butchering requires a more intimate and proactive approach.
“Pig butchering scams are all about the long game,” explains Phil Martin, chief security officer at Coinbase (an American cryptocurrency exchange).
What does this mean? You may be chatting with someone online via a dating app or social media and find the person to be trustworthy and friendly. Because of that rapport, you could spend weeks or months talking to this person and feel like you genuinely know them. Then, often out of the blue, your new acquaintance will recommend a great investment opportunity that seems legitimate.
“Before you know it, you’re being nudged to invest your money,” adds Martin. “Sadly, by the time most people realize it’s a scam, the person they trusted is long gone, along with their savings. It’s a cruel trick that can leave victims feeling betrayed and financially hurt.”
What to do if you’ve been scammed
If you or someone you know has been targeted in a pig-butchering scam, acting quickly is key. Experts suggest securing your financial accounts, enabling two-factor authentication when possible and monitoring your credit for any suspicious activity.
In serious cases where you sent money to the scammer, you should also contact your local police department for help right away.
“Law enforcement has become much more capable when it comes to investigating these crimes, and there is a chance the most recent transactions can be stopped or reversed if they act quickly enough,” assures Pascual.
The most important thing? Know that you’re not alone as a victim. Though it may be difficult to share what has happened, doing so can ensure you get the support you need.
“Scammers rely on panic and isolation to keep victims from getting help,” says Martin. “The faster you take action, the more options you have to limit the damage.”
Warning signs you’re being targeted
One of the best ways to protect yourself from this financial scam is by knowing the red flags that can indicate you’re being baited by a fraudster.
The most obvious sign? Unsolicited outreach by strangers, often by those who are very friendly and share the same interests as you.
You may also encounter promises of guaranteed returns, a pressure to act quickly or a request to move the conversation off a major platform, explains Martin.
While you may think having a video chat with your new acquaintance could help verify their identity, experts say to stay on guard.
“Scammers know we have an inherent trust of video calls, which is why deepfakes have become so prevalent–so keep your guard up, even if you are chatting with someone on Zoom or Facetime,” warns Pascual.
The best protection you have against the scam is to avoid sharing personal or financial information with someone online (especially someone you’ve never met) and avoid taking unverified investment advice.
“Above all, trust your instincts,” suggests Martin. “If something feels off, step back and check with a friend or family member before doing anything.”
