New Relationship Scam: “Pig Butchering”

September 20, 2023

The latest in a long line of fraud, Pig Butchering is a type of scam where a stranger pretends to know a victim and then spends time building a relationship before defrauding them. The name references the process of fattening up a pig before butchering them. The trending terminology for these scams may be extreme, but the outcome for the victims is often devastating.

What to Look Out For

Have you ever gotten a text from a stranger who has the wrong number? It’s not out of the ordinary, but if the person on the other end stays in contact to build a relationship or rekindle an “old friendship,” it’s probably a Pig Butchering scam. These scammers might tell you that they work in investments or as a money manager, and over time they will present an opportunity for you to make some money with them. They often ask you to invest with them by purchasing virtual currency and sending it to them. Sometimes they might invite you to play online or mobile games which supposedly earn you money, but really steal the money you spend to buy into the fake games.

Pig Butchering scams are especially dangerous because of how convincing they are. The fraudsters often build social media accounts and legitimate-looking websites to make their story seem real. Because they spend so much time connecting and talking with their victims, the targets of these scams are often convinced enough to encourage their family and friends to buy in, too.

How to Protect Yourself and Your Loved Ones

• Never share your personal information online.
• Don’t open or reply to any unsolicited emails or texts, and never click on any embedded links from unknown senders.
• Never send money by insecure means to an unknown party.
• Choose the strongest privacy settings for your social media accounts.
• Educate your kids about basic computer safety and privacy.
• If you have elderly parents who spend time online, talk to them about common scams and teach them to protect themselves.
• If someone is pressuring you to act quickly before time runs out, it is probably a scam.

What to Do if You Have Been Targeted or Become a Victim

If you think that a scammer has been communicating with you, stop replying to them and block their number. If you have fallen victim to this scam, alert Bay Federal so that we can help secure your accounts. You can also report a scam to the FBI’s Internet Crime Complaint Center and to the Federal Trade Commission.