Thieves are stealing tactics from the meat processing industry to deploy their latest financial scam. "Pig butchering" is a metaphor derived from the process of fattening a pig before slaughter. In this scheme, fraudsters "fatten up" their victims by gaining their trust over time before ultimately "butchering" their finances.
Pig butchering scams often begin with in-app direct messages promising an amazing investment opportunity, typically in cryptocurrency. These messages may appear to have been sent accidentally, suggesting they were part of an ongoing conversation with someone else.
The scammer will attempt to build rapport and continue the conversation, eventually convincing their targets that unbelievable returns are available through a particular cryptocurrency company. A fake website or app is created where victims can log in and see their small initial investment grow into sizable returns. Convinced the extraordinary profits are real, targets invest more money—often everything they have.
However, when victims attempt to withdraw their earnings, they find the website or app is no longer functional. The investing platform, money, and fraudster quickly disappear, leaving the victim with nothing but regret.
Stay alert to these common red flags to protect yourself.
Always research new financial opportunities thoroughly before investing, especially those promising amazing returns. If you suspect a pig butchering scam, report it to the U.S. Securities and Exchange Commission, which investigates these and other financial crimes.
For more security tips or to report fraud, visit the Wescom Security Center at wescom.org/security-center.
