Guess what? I fell partially for a Pig Butchering Scam a week or two ago. And then again two days later…they are getting popular. It does not involve any bacon, pork, or ham (apart from me) but it is a real threat that you should be aware of. Especially around this time of year.
A pig butchering scam is a type of fraud that baits individuals into putting their money in legitimate and profitable endeavors, at least they appear real. Typically, the scammers promise high investment returns rather quickly. The term “pig butchering” is derived from the idea that the scammers fatten up their victims with the promise of lucrative returns before “slaughtering” them for their money.
Pig butchering scams often start with a seemingly blameless text or SMS from a stranger. The scammer might reach out to you on a dating app, or even through a random text message. They will try to build a bond with you and gain your trust. Once they have your trust, they will start talking to you about investing. They will promise you high returns on your investment, and they will often show you screenshots of their own “successful” investments.
Mine started with an innocent text message. It said something like, “Hey Bobby, make sure to meet me today at 2:00 pm like we planned last week. Thanks, Deana.” Me being a fairly nice human wrote back with, “Hey Deana, you may want to check the number, I am not the person you texted. Have a fantastic day.” I got a nice “Thank you” message a few minutes later. Soon after that, I got another one wanting to know if they could ask me a question. I said sure, and they asked if I would like to try out a new app. I texted back that the conversation was sounding like a “scam.” I never heard back from them. The next one was telling me that they would need to cancel their appointment with me to bring their dog into my veterinary office. I played along with that one too and it went the same way. It sometimes does not pay to be nice today, at least online.
They would have continued to fatten their pig up (me) by convincing me to invest just a small amount. Maybe $20 in the app they sent me. I would install it and put in the money, a few days later they would say I had $35 (or whatever increase they thought could hook me). They may even let you or me withdraw it to convince me it was real. They are really fattening the pig up for what they consider an American deposit. Maybe $1,000 or a hundred thousand. The fatter the pig, the better. Then you go to your account one day and there is nothing there. They control the program; it may indicate you have more money than you started with. But you can be assured your money is in an account, but not in yours.
Be wary of unsolicited conversations. Obviously, be wary of ALL unsolicited investment offers. Legitimate investments do not guarantee high returns. Pig butchering scammers hope to steal your money. They will do whatever it takes to gain your trust and then convince you to invest in their fraudulent scheme. Once you have invested your money, they will disappear with it.
Pig butchering scams are a type of investment fraud that is becoming increasingly common. They are sometimes known as romance scams because scammers often use romantic relationships to gain their victims’ trust with dating apps. Pig butchering scams are becoming more global. Scammers are now operating in countries all over the world, and they are targeting people from all walks of life.
Once the scammer has gained the victim’s trust, they will start talking to them about investing. It could take them days or weeks to convince you of their friendship, depending on you.
