Feb 25, 2025 | posted by Lily Chavez
Have you heard of the "pig butchering" scam? Although that term might sound unpleasant, it's also a very unpleasant scam to be a part of. "Pig butchering" refers to fattening up a pig before butchering it, but instead of a pig, a scammer uses you. They first start by gaining your trust, possibly building a romantic relationship with you, (“fattening up”) and eventually pressuring you to invest in the financial markets, cryptocurrency, real estate or precious metals and coins. Promising you big returns and your best interest.
But how does it start? First, you’ll likely meet this scammer randomly or by 'mistake,' through text messages, email, dating apps, or social media platforms. The person might even have a full conversation with you and try to get to know you; in hopes to developing a relationship with you. Later on, during your conversations, they’ll mention a fantastic investment opportunity they’re involved in. Most of the time, it's cryptocurrency or high-yield investment opportunities, thanks to their "special knowledge" and "insider help." At that point, it sounds like a great deal—something you couldn’t pass up. Eventually, the scammer encourages you to invest a large sum of money on an investment platform or website.
If the scam works, you’ll most likely be duped (“the slaughter”) and pressured to invest more, or else the relationship will be over. After the scammer is satisfied, they are likely to disappear, making it impossible to track them. Even worse, the investment account may be locked, and all your funds will be gone with the perpetrator.
Here’s How to Protect Yourself
- Be cautious of unsolicited financial, investment, or cryptocurrency advice from people on dating sites or social media.
- Avoid unsolicited investment offers via phone, message, email, or in person.
- Question offers that seem too good to be true, promise high returns with little risk, or are marketed as "the next big thing."
- Don't open accounts on cryptocurrency platforms or transfer funds to invest without proper research.
- Never share personal financial info with strangers or respond to high-pressure tactics or requests for sensitive details.
- Avoid projects that involve recruiting others to invest, as they may be pyramid schemes.
- Verify investments with federal/state regulators, corporate records, and online searches for scam reports.
- Ask for financial statements, annual reports, or audits for any proposed investment.
- Warning signs of scams include unexpected notifications about large earnings.
- Red flags include online "friends" or romantic partners who avoid meeting in person.
If you've been a victim of this scam or interested in learning more about pig butchering or investment scams visit: FTC - Investment Scams.
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