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.
Scam Detectors Most Trusted Websites in Online Security
- Guard.io (100): Protect your digital world on any device – Guardio stops scams and phishing in their tracks.
- Incogni.com (100): Delete your personal data from the internet and protect against scams and identity theft.
- ExpressVPN (100) Stay secure and anonymous online - Best VPN Out There
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.
Verify Another website
Are you just about to make a purchase online? See if the website is legit with our validator:
vldtr®
TOP MUST-WATCH FRAUD PREVENTION VIDEOS
1. Top 5 Amazon Scams in 2024 2. Top 5 PayPal Scams in 2024 3. How to spot a scam Email in 2024
When my sweet old grandmother got caught up in an Amazon gift card scam, I decided then and there that I needed to do whatever I could to inform as many people as possible about the grifters of the world. That’s what I do here – writing about modern scams so you don’t get caught out.
- Latest Posts by Tom Watton
-
How to Keep Yourself Safe From Netflix Phishing Scams
- -
3 Ways to Keep Passkey Safe From Scammers
- -
A Closer Look at the IRS CP53E Scam
- All Posts
The worst offender, IMHO, is Linked In, which is loaded with fake profiles. I was scammed by “Olya Margaret Ivanenko” who claimed to be a relative of David Tepper, the hedge fund manager. After several months of conversations, “she” had me sign an NDA to participate in David Tepper’s investment group, which used a site called Global Assets (global-assets.com/pc/#/login). I began investing and the returns were good. Then I received a notice from GA that my returns were TOO good, and I was suspected of insider trading. They wanted me to deposit $50,000 to unfreeze my account and to tell them where the money originated or they would notify the SEC. Long story short, I lost $590,000.
It gets worse. A friend of mine went through similar experience with “Lena Brown” , who claimed to be a product development manager for Estee Lauder in Los Angeles. Similar to my case, he invested in a website called defi-holdings.com by joining an investment group of which “Lena” was a member. Similar to me, his account was frozen for “improper trading practices” and he was asked to pay a verification fee of $41,000. He lost $300,000.
Both of us were originally contacted by suggestions that popped up in Linked In. I have complained to LI, and had absolutely no response. I also suggested that Linked In have a form where complaints could be filled out in detail, and again, no response.
The police detective that investigated my case was able to determine that my funds went to a place called Huione Pay, located in Cambodia. Apparently this “financial services” company is a large scale fraud company. There is no hope of recovering my investment.
People as dumb as you shouldn’t have that much money. No offense. I don’t agree with wealthy people and dislike money to the core. Just my 2 scents (intentional misspell). I got no cents. Rich with sense! Lol oh well. Peace and Love 1
It is difficult to know what is legitimate based on the heading of the email such as this one supposing to be the “Scam Detector.” After receiving several of these warnings it is so easy to accept them as being the original and legit site. It is getting more and more difficult to know or recognise the scammers. There are other types of “scammers” such as those advertise goods for sale claiming to be jewellery made of 18 carat but when there are not. All seem to come from some Chinese factories. Now I am not sure if I will get refund of my money after returning the goods.
Reasonably comprehensive explanation of this extremely annoying, illegal behaviour. Trying to keep ones eye on all of the bases, all of the time is extremely difficult. Norton Security is my defence. It is expensive but being the victim of fraud is likely to be even more so.