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- The pig butchering scam, also known as a romance scam, is a long-term fraud that combines investment schemes, romance scams and cryptocurrency fraud. This scam originated in Southeast Asia, and the name originates from the Chinese phrase "Shāz Hū Pán," meaning pig butchering.
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A pig butchering scam, also known as a "sha zhu pan" scam, is a type of online investment fraud that involves scammers creating fake online personas to lure victims into...
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Dec 13, 2022 · Pig butchering schemes often start with solicitations of modest investments intended to bolster your confidence. They usually involve some type of fake claim or falsified dashboard that shows assets exponentially growing, with the intent being to encourage larger and larger investments.
Jan 2, 2023 · Crafting the malicious financial platforms to look legitimate and refined is a hallmark of pig butchering scams, as are other touches that add verisimilitude, like letting victims do a video...
- Create A Fake Identity
- Initiate Contact
- Win The Trust of The Target
- Sign Them Up
- Get Them to Put Real Money Into The Fake Account
- “Prove” That It’S Legitimate
- Manipulate Them Into Investing More
- Cut Them Off
- Use Their Desperation to Your Advantage
- Taunt and Depart
Pig butchers most often begin by creating a phony online persona, typically accompanied by an alluring photo (which itself might have been stolen) and images that convey a glamorous lifestyle.
Once they’ve got an online profile, fraudsters begin sending messages to people on dating or social networking sites. Alternatively, they may use WhatsApp or another messaging service and pretend to have stumbled on a “wrong number” as they contact you. (A spokesperson for Meta, which owns WhatsApp, previously told ProPublica that the company is in...
The next step is starting a conversation with a potential victim to gain their trust. The scammers often initiate benign chats about life, family and work with an eye toward mining their targets for information about their lives that they can later use to manipulate them. They’ll fabricate details about their own life that make them seem similar to...
Before long, the swindlers will pivot to a discussion of investing. They’ll make claims about their own purported investing successes, perhaps sharing screenshots of a brokerage account with gaudy numbers in it. They’ll try to convince targets to open an account at their online brokerage. Unbeknownst to the target, the brokerage is a sham, and any ...
Once marks agree to learn investing tricks, the scammers will “help” them with the investment process. The fraudsters will explain how to wire money from their bank account to a crypto wallet and eventually to the fake brokerage. Typically the fraudster will ease the process by recommending a modest initial investment — which will inevitably show a...
Scammers often allay initial doubts by letting targets withdraw money once or twice to convince them the process is trustworthy. For example, fraudsters allowed a Canadian man named Sajid Ikram to withdraw 33,000 Canadian dollars, according to a statement he filed with the Royal Canadian Mounted Police. That returned money helped convince him that ...
That’s only the beginning. Pig butchering guides offer insights on how to exploit marks’ emotional and financial vulnerabilities to manipulate them into depositing more and more funds. It starts with assurances that the investments are risk-free, then escalates into pressure to take out loans, liquidate retirement savings, even mortgage a house. Ov...
Once targets reach a limit and become unwilling to deposit more funds, their seeming investment success comes to a sudden stop. Withdrawals become impossible, or they suffer a big “loss” that wipes out their entire investment. The California man was aghast when he discovered $440,000 he’d deposited was gone. Ultimately, the swindler persuaded him t...
Scammers will then turn the screws of manipulation tighter by telling victims there’s a potential solution: If they deposit more cash into the brokerage, they can regain what they lost. Sometimes, the claim is that the investment is successful — but there’s a “tax problem” that requires paying additional funds equal to, say, 20% of their total acco...
Once the targets are aware that they’ve been swindled, the fraudsters often insult or taunt them. They soon go silent, and the websites of their phony brokerages stop working. Then they relaunch a new website under a different URL and restart the process with other targets. After nearly four months of chatting and $30,000 in losses for the Michigan...
A pig butchering scam is a type of long-term scam and investment fraud in which the victim is gradually lured into making increasing contributions, usually in the form of cryptocurrency, to a fraudulent cryptocurrency scheme. They are commonplace on social apps.
Oct 4, 2023 · The pig butchering scam is a type of fraud in which criminals lure victims into digital relationships to build trust before convincing them to invest in cryptocurrency platforms. Unbeknownst to victims, the fraudsters control the platforms and will eventually take all the money and vanish.
Feb 28, 2023 · The pig butchering scam, also known as a romance scam, is a long-term fraud that combines investment schemes, romance scams and cryptocurrency fraud. This scam originated in Southeast Asia, and the name originates from the Chinese phrase "Shāz Hū Pán," meaning pig butchering.
