Pig Butchering Scam Cryptocurrency and Romance

The new cryptocurrency scam - called "pig butchering" - includes a sophisticated new twist that combines a romance scam with an investment spin. According to the Federal Bureau of Investigation (FBI), the term “pig butchering” refers to a time-tested, heavily scripted, and contact-intensive process to fatten up the prey before slaughter.

Advertisements
Pig Butchering Scam Cryptocurrency and Romance

How it Works

Pig butchering scams originated in Southeast Asia and are spreading globally. This scam is predominately executed by a ring of cryptocurrency scammers who mine dating apps and social media sites in search of victims. It involves a con artist creating a fake profile used to reach out to potential victims often through social media, WhatsApp, Tinder or other dating sites, and even random texts, masquerading as an incorrect number or an old acquaintance. The goal is to initiate a cordial discussion with the victim, attempting to be their “new friend” or “lover”.

The new friend creates reasons to continue a conversation, which leads to multiple calls. They slowly develop a relationship so they can insert themselves into their victim’s daily life. While building trust with the victim, they slowly introduce the idea of making a business investment using cryptocurrency. The new friend employs persuasion rather than requesting money outright because they are aware that individuals are savvy and know that being asked for money by a stranger is a sign of a scam. The victim is gradually drawn into what appears to be benign talk about cryptocurrency investments and earnings, but they are really being manipulated to make an investment.

The new friend slowly convinces the target to invest in cryptocurrency and refers them to a bogus website or app that looks authentic but is controlled by the scammer. The victims are encouraged to invest small amounts in the beginning and the scammer will make sure to post a modest gain on the investment. They may even allow the victim to withdraw money once or twice to convince them the process is legitimate.

The victim is then persuaded to invest larger amounts on the fake platform, sometimes hundreds of thousands of dollars. Once the money is sent to the fake investment app, the scammer vanishes, taking all the money with them, resulting in significant losses for the victim.

While pig butchering often uses romance as a tactic, scammers can also build other types of personal or professional relationships. They are experts who are trained to manipulate their targets, making it is easy for someone to fall prey to this scam.

Consumers must always remain vigilant and alert for scams, especially as new financial products like bitcoin and other cryptocurrencies become popular. Just as with any major financial decision, consumers should research the investments they are considering; avoid people or entities demanding upfront payment in cryptocurrency; be wary of promises of large, quick returns; and refrain from mixing online dating with any investment advice.

What to Do

Look for red flags:

  • Strangers sending seemingly innocuous text messages out of the blue.
  • Strangers who quickly try to move the conversation to WhatsApp or another social media site.
  • People who avoid video-calling with multiple excuses or flatly refuse to initiate any kind of video-calling.
  • People chit-chatting about their insider investment knowledge.
  • The URL of the investment platform doesn’t match the official website of a popular cryptocurrency market or exchange but may be very similar.
  • The investment app generates warnings of being “untrusted” when launched, or the computer’s antivirus software marks it as potentially dangerous.
  • The investment opportunity sounds too good to be true.

Follow these tips to protect yourself:

  • Don’t send money, trade, or invest with a person you have only met online.
  • Don’t speak of your financial position or investments.
  • Don’t share personal information or current financial status with strangers.
  • Don’t provide your banking information, social security number, copies of your identification or passport, or any other sensitive information to anyone online or to a site that you cannot verify is authentic.
  • If an online investment or trading site promotes unbelievable profits, it is most likely just that—unbelievable.
  • Be cautious of individuals who claim to have exclusive investment opportunities and urge you to act fast.

Cryptocurrency scams have bilked billions of dollars from unsuspecting investors and most people who lose funds don’t recover the money. It is estimated that worldwide losses were in the tens of billions of dollars in 2021 alone, making the pig butchering scam a “super scam.”

If you believe you are a victim of this cryptocurrency scam, quickly report the crime to your bank, the Federal Trade Commission (FTC), the Internet Crime Center (IC3), the Federal Bureau of Investigation (FBI) local office, your local police, and the Michigan Department of Attorney General. The longer you wait, the harder it is to trace or freeze stolen funds.

Check the comment section below for additional information, share what you know, or ask a question about this article by leaving a comment below. And, to quickly find answers to your questions, use our search Search engine.

Note: Some of the information in samples on this website may have been impersonated or spoofed.

Bookmark articleSave

Was this article helpful?

Advertisements

Comments, Questions, Answers, or Reviews

There are no comments as yet, please leave one below or revisit.

To protect your privacy, please remove sensitive or identifiable information from your comments, questions, or reviews. We will use your IP address to display your approximate location to other users when you make a post. That location is not enough to find you.

Your post will be set as anonymous because you are not signed in. An anonymous post cannot be edited or deleted, therefore, review it carefully before posting. Sign-in.

Write Your Comment, Question, Answer, or Review

Advertisements

Online Threat Alerts Security Tips

Pay the safest way

Credit cards are the safest way to pay for online purchases because you can dispute the charges if you never get the goods or services or if the offer was misrepresented. Federal law limits your liability to $50 if someone makes unauthorized charges to your account, and most credit card issuers will remove them completely if you report the problem promptly.

Guard your personal information

In any transaction you conduct, make sure to check with your state or local consumer protection agency and the Better Business Bureau (BBB) to see if the seller, charity, company, or organization is credible. Be especially wary if the entity is unfamiliar to you. Always call the number found on a website’s contact information to make sure the number legitimately belongs to the entity you are dealing with.

Be careful of the information you share

Never give out your codes, passwords or personal information, unless you are sure of who you're dealing with

Know who you’re dealing with

Crooks pretending to be from companies you do business with may call or send an email, claiming they need to verify your personal information. Don’t provide your credit card or bank account number unless you are actually paying for something and know who you are sending payment to. Your social security number should not be necessary unless you are applying for credit. Be especially suspicious if someone claiming to be from a company with whom you have an account asks for information that the business already has.

Check your accounts

Regularly check your account transactions and report any suspicious or unauthorised transactions.

Don’t believe promises of easy money

If someone claims that you can earn money with little or no work, get a loan or credit card even if you have bad credit, or make money on an investment with little or no risk, it’s probably a scam. Oftentimes, offers that seem too good to be true, actually are too good to be true.

Do not open email from people you don’t know

If you are unsure whether an email you received is legitimate, try contacting the sender directly via other means. Do not click on any links in an email unless you are sure it is safe.

Think before you click

If an email or text message looks suspicious, don’t open any attachments or click on the links.

Verify urgent requests or unsolicited emails, messages or phone calls before you respond

If you receive a message or a phone call asking for immediate action and don't know the sender, it could be a phishing message.

Be careful with links and new website addresses

Malicious website addresses may appear almost identical to legitimate sites. Scammers often use a slight variation in spelling or logo to lure you. Malicious links can also come from friends whose email has unknowingly been compromised, so be careful.

Secure your personal information

Before providing any personal information, such as your date of birth, Social Security number, account numbers, and passwords, be sure the website is secure.

Stay informed on the latest cyber threats

Keep yourself up to date on current scams by visiting this website daily.

Use Strong Passwords

Strong passwords are critical to online security.

Keep your software up to date and maintain preventative software programs

Keep all of your software applications up to date on your computers and mobile devices. Install software that provides antivirus, firewall, and email filter services.

Update the operating systems on your electronic devices

Make sure your operating systems (OSs) and applications are up to date on all of your electronic devices. Older and unpatched versions of OSs and software are the target of many hacks. Read the CISA security tip on Understanding Patches and Software Updates for more information.

What if You Got Scammed?

Stop Contact With The Scammer

Hang up the phone. Do not reply to emails, messages, or letters that the scammer sends. Do not make any more payments to the scammer. Beware of additional scammers who may contact you claiming they can help you get your lost money back.

Secure Your Finances

  • Report potentially compromised bank account, credit or debit card information to your financial institution(s) immediately. They may be able to cancel or reverse fraudulent transactions.
  • Notify the three major credit bureaus. They can add a fraud alert to warn potential credit grantors that you may be a victim of identity theft. You may also want to consider placing a free security freeze on your credit report. Doing so prevents lenders and others from accessing your credit report entirely, which will prevent them from extending credit:

Check Your Computer

If your computer was accessed or otherwise affected by a scam, check to make sure that your anti-virus is up-to-date and running and that your system is free of malware and keylogging software. You may also need to seek the help of a computer repair company. Consider utilizing the Better Business Bureau’s website to find a reputable company.

Change Your Account Passwords

Update your bank, credit card, social media, and email account passwords to try to limit further unauthorized access. Make sure to choose strong passwords when changing account passwords.

Report The Scam

Reporting helps protect others. While agencies can’t always track down perpetrators of crimes against scammers, they can utilize the information gathered to record patterns of abuse which may lead to action being taken against a company or industry.

Report your issue to the following agencies based on the nature of the scam:

  • Local Law Enforcement: Consumers are encouraged to report scams to their local police department or sheriff’s office, especially if you lost money or property or had your identity compromised.
  • Federal Trade Commission: Contact the Federal Trade Commission (FTC) at 1-877-FTC-HELP (1-877-382-4357) or use the Online Complaint Assistant to report various types of fraud, including counterfeit checks, lottery or sweepstakes scams, and more.
  • Identitytheft.gov: If someone is using your personal information, like your Social Security, credit card, or bank account number, to open new accounts, make purchases, or get a tax refund, report it at www.identitytheft.gov. This federal government site will also help you create your Identity Theft Report and a personal recovery plan based on your situation. Questions can be directed to 877-ID THEFT.

How To Recognize a Phishing Scam

Scammers use email or text messages to try to steal your passwords, account numbers, or Social Security numbers. If they get that information, they could get access to your email, bank, or other accounts. Or they could sell your information to other scammers. Scammers launch thousands of phishing attacks like these every day — and they’re often successful.

Scammers often update their tactics to keep up with the latest news or trends, but here are some common tactics used in phishing emails or text messages:

Phishing emails and text messages often tell a story to trick you into clicking on a link or opening an attachment. You might get an unexpected email or text message that looks like it’s from a company you know or trust, like a bank or a credit card or utility company. Or maybe it’s from an online payment website or app. The message could be from a scammer, who might

  • say they’ve noticed some suspicious activity or log-in attempts — they haven’t
  • claim there’s a problem with your account or your payment information — there isn’t
  • say you need to confirm some personal or financial information — you don’t
  • include an invoice you don’t recognize — it’s fake
  • want you to click on a link to make a payment — but the link has malware
  • say you’re eligible to register for a government refund — it’s a scam
  • offer a coupon for free stuff — it’s not real

About Online Threat Alerts (OTA)

Online Threat Alerts or OTA is an anti-cybercrime community that started in 2012. OTA alerts the public to cyber crimes and other web threats.

By alerting the public, we have prevented a lot of online users from getting scammed or becoming victims of cybercrimes.

With the ever-increasing number of people going online, it important to have a community like OTA that continuously alerts or protects those same people from cyber-criminals, scammers and hackers, who are every day finding new ways of carrying out their malicious activities.

Online users can help by reporting suspicious or malicious messages or websites to OTA. And, if they want to determine if a message or website is a threat or scam, they can use OTA's search engine to search for the website or parts of the message for information.

Help maintain Online Threat Alerts (OTA).

Pig Butchering Scam Cryptocurrency and Romance