What is a pig butchering scam? It’s an ugly scam with a name to match. Similar to catfishing, fraudsters pose as someone else, put it in the time to gain the trust of their victim, then strike. Like fattening up a pig before slaughter.
It starts innocently enough with a random text message, a wrong number or a dating app response. Before long, you are corresponding with the person who contacted you, talking about your families and exchanging personal information. After a few weeks, your new “friend” says they know a great way to make money fast, often with cryptocurrency, and all you need to do is make a small investment.
You send some cash and get a small return. Encouraged, you send more funds, and some more. Then a few weeks later, your friend vanishes – along with your money.
Pig Butchering Scams Are Spreading
One study found that between 2020 and 2024, about $75 billion globally was lost through pig butchering scams.
Many of the people involved in these scams are overseas, often from Southeast Asia, and are victims of human trafficking, forced by their captors to participate or face torture.
Part of the reason pig butchering is spreading rapidly in the U.S. is that it is so lucrative, said Robert Siciliano, CEO of cybersecurity training company Protect Now. “The more money people can get, the more they gravitate toward crime,” he said.
Technology like artificial intelligence makes the process even easier, so scammers can call multiple people at a time, using untraceable numbers. “The technology is up and running,” Siciliano added. “People are even selling kits to do this.”
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Because the scammers’ tracks are covered so well, money is almost never recovered, said Mike Breummer, vice president of consumer protection for Experian.
“The rate of conviction is below 10%,” he said. “They are hiding through multiple IP addresses, or in countries where they don’t crack down on these things. It’s still low on the pecking order of crimes for authorities to prioritize.”
To avoid getting caught up in these scams, never click on unfamiliar links and don’t accept calls, or respond to text messages or emails, from anyone you don’t know, both Siciliano and Breummer said.
Siciliano and Breummer talk more about identify theft protection in the “Identity Theft” episode of the AAA podcast, Merging Into Life.
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If you suspect you are being defrauded, cut off contact with the perpetrators and alert the police. If multiple people reported the same scam, sometimes police can follow a paper trail of victims and over time discover who is responsible.
“If you catch it early, you can stop it and avoid further damage,” Breummer said.
Damage control should start immediately. After reporting the incident to the police and the FBI, wipe any of the numbers from your phone, have your computer swept for malware, if that was involved, check your credit file and change all your passwords.
Alert your identity theft protection service if you have a plan. If you don’t, it’s smart to sign up for credit monitoring through a company such as Experian.
“There are lots of resources at Experian; you can see consumer tips, learn how to report fraud and ask questions in the Experian blog,” Breummer said.
Take control of your identity with ProtectMyID® from AAA, fueled by Experian®. ProtectMyID Essential is free for AAA members.
And the best protection against these criminals is to remain vigilant. “Be Chicken Little,” Breummer said. “Be suspicious of anything and use resources to help.”
Unfortunately, pig butchering scams are just one of the ways the U.S. public is getting conned. Be wary of these schemes as well.
Have you heard of pig butchering? Tell us in the comments.
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