A pig butchering scam is a type of confidence trick and investment fraud in which victims are gradually lured into making increasing contributions, in the form of cryptocurrency, to a seemingly sound investment before the party they are dealing with disappears.[1] The name alludes to the practice of fattening a hog before slaughter.[2]

This type of fraud originated in Southeast Asia, and is typically perpetrated by those who are themselves victims of a fraud factory.[2]

Pig butchering is commonplace on dating apps, where in October 2023 12% of Americans using said apps had been victims, up from 5% in 2018.[3] Victims are matched with fake dating profiles and then socially engineered into developing a relationship with the perpetrator, who convinces them to invest in cryptocurrency from websites controlled by the scammers. When sufficient money has been sent, the perpetrator breaks off contact and vanishes.[4]

References

  1. ↑ "Unmasking Pig-Butchering Scams and Protecting Your Financial Future - Noticias de seguridad - Trend Micro ES". www.trendmicro.com.
  2. 1 2 "FinCEN Issues Alert on Prevalent Virtual Currency Investment Scam Commonly Known as "Pig Butchering"". www.fincen.gov.
  3. ↑ "The Pig Butchering Scam: 10 Common Warning Signs". www.aura.com.
  4. ↑ "Cryptocurrency Scam - Pig Butchering". www.michigan.gov.
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