“Pig Butchering” Scams: Understanding and Avoiding This Emerging Threat

Scams and threats are constantly evolving (as is victims’ awareness) in a seemingly never-ending cyber arms race. Though the forms might change, the underlying emotions and desires these scammers prey upon remain the same.

The “Pig Butchering” scam, derived from the Mandarin “Sha Zhu Pan” or “Killing Pig Plate” is a new form of SMS phishing scam (smishing) that targets a victim’s fear of missing out, loneliness, or desire for financial gain.

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In this article, we’ll tell you more about this threat, the warning signs, and how to protect yourself.

The “Pig Butchering Scam”

It starts quite simply. You’re invited to a group chat by “mistake” or sent a message by an unknown number looking to speak to a person you’ve never heard of. If you reply to inform them, you’ll slowly find yourself chatting more to the person, building a relationship.

Then comes a moment, where they tell you of a great investment opportunity or ask for a little cash to help with a problem. You’ve chatted with this person for weeks and it seems legitimate. So, you send the money. Then, suddenly, the messages stop.

You’ve just been a victim of “pig butchering” and the pig being fattened for slaughter (as awful as that metaphor may be) is you.

The key thing that defines this new form of fraud is the length of time involved. Scammers build trust through many messages and images, building a relationship and preying on a victim’s fears, loneliness, or desire for romance or money.

A scammer may promise a great lead on cryptocurrency right after asking how your gym session was or request a few dollars to cover their rent for the month. A short, upfront scam might net the scammer a nice bit of cash, but by playing the longer game, the payoff can be even more lucrative.

Spotting a “Pig Butchering” Scam

Thankfully, with this form of scam becoming more well-known, it’s easier to identify through red flags and avoid before things become too ruinous. Here are a few warning signs to be aware of:

A message comes out of the blue from an unknown number. A variant of the scam will also add other potential victims to a group chat. These numbers are obtained from leaked databases.
The other party expresses a desire to continue the conversation if you’ve responded.
A request is made for personal information or banking details.
Solicitation is made in the form of asking for photos or money. Or an offer is made to invest in a “fantastic” opportunity.
There is any inconsistency in the tone of the messages. You should also beware of too many spelling mistakes or grammatical errors.
There is a reluctance to engage in any video or voice calling. The photo sent could be of anyone, but a video call is much harder to fake.

Avoiding the Scam

Because “pig butchering” relies on a victim taking the initial bait and answering the first message, the best course of action is to simply ignore messages and invites that come from a wrong number. If the message is genuine, the other person will realize their mistake if they receive no response. It’s better to be safe than sorry.

If the message is asking you to send money or invest through a certain site or brokerage app, be sure to verify its legitimacy yourself before continuing. Report any suspicious messages or activity to your local law enforcement or cybercrime division.

As always, common sense applies too. If an investment opportunity or financial deal is too good to be true, that’s probably because it is.

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