What is a Pig Butchering scam?

The pig in this analogy is the victim, and the butcher is the scammer. This scam usually begins with the scammer contacting the victim through SMS, social media, dating apps, etc. attempting to initiate conversation and establishing rapport. Eventually, the scammer will introduce a phony investing scheme (usually but not limited to cryptocurrency) and will ask the victim to contribute financially. Potential tactics include sending the victim malware or fake websites that at first glance appear to be legitimate companies and businesses (Warded provides expertise on how to identify these fraudulent sites). Should the victim choose to send money, the scammer will continue to encourage said victim to send more, until they feel they can’t anymore. At this point, the scammer shuts down the site and cuts off all contact with the victim, who has taken a heavy financial hit.

What makes this scam different and more effective than others is the psychological aspect. Before initiating the scheme, the scammer develops a relationship with the victim first, making them more susceptible to the trap. There is evidence to suggest that scammers deliberately pick their victims as well, the majority tending to be elderly or mentally incapable. Of course, not everyone reaching out is a wolf in sheep’s clothing, but it is important to be able to identify when a pig butchering scam is taking place. Unfortunately, there won’t be an end to these schemes anytime soon, but Warded has the technical capacity to combat them effectively.

What is a Pig Butchering scam?

In many cases, the victim is often unaware that they are the victim of a scam. Many times, family members will contact us and ask us to convince the victim they are being scammed through evidence. Usually, vicitims will not want to admit they are being scammed because of the emotional investment.

The best way to avoid becoming a victim is to always be careful when speaking romantically to someone online. If you meet someone online and they begin to ask you for money or they always say they want to meet you but fail to show up at the last minute, it is usually a scammer.

The best course is simply remove contact. If the victim has developed a serious emotional attachment, sometimes victims have expressed time and therapy healed the situation.