The Lies and Deceit Behind a Pig-Butchering Scam

There is a scam called “pig butchering” that is so financially and emotionally devastating that its victims feel too ashamed to tell anyone about it.  It combines the worst of an investment scam with the lie of a romance scam, and it often results in hundreds of thousands of dollars being lost and victims who are frequently suicidal.

Although scam victims can be drastically different in age, they share a few key characteristics in common: They are alone and vulnerable, open to or tempted by romantic escapades, and have money they are willing to invest recklessly.

The criminals behind the scam are not individuals acting alone. Instead, they are teams of players carrying out the scheme under the direction of organized crime leaders. The gangs are often based in China.

The term that the gang used so emotionlessly was translated into pig butchering; it referred to fattening up a victim as much as possible before “serving them up on a plate.”  Cold, heartless, and without a trace of remorse.

Why haven’t we heard about pig butchering scams?

As we all have learned, scams come in various varieties, and victims come from all backgrounds. However, stories of scams rarely make the news, and only when 1) a local person is swindled, 2) the victim is a celebrity, or 3) the amount stolen is extensive and all the money the victim had.

Another reason we have yet to hear enough about pig butchering is that it is a blend of two schemes: a romance scam and an investment scam operating simultaneously. It typically involves cryptocurrency, which only some people understand or engage in.

Also, when many people read or hear about these types of scams, they may think, “This could never happen to me,” so they tune out rather than pay attention.

However, all of that may change as the number of pig butchering scams is rising drastically across the globe, and the results are devasting and newsworthy.  The FBI has estimated millions have been victimized, and billions of dollars have been stolen…and never recovered.

An example of a pig butchering scam.

In the summer of 2024, the Wall Street Journal published several articles on pig butchering. One verified account told of a retired man in his mid-70s who lost more than $700,000 in a pig butchering scam.

He’d met online what he thought was a younger, lovely, enchanting, wealthy, and independent Asian woman. They started a dialogue that turned into an ongoing online relationship. She told him how much she enjoyed her life, and he shared how enchanted he was with her and how special she made him feel.

Soon, they were talking about being together forever, and she said she could show him how to invest in a special that would make him rich quickly, as she had done. So, he started to invest, following her advice. They started slowly, but soon, he was investing large sums of money.

At various times, the victim expressed doubts and concerns about how much money he was investing, but his love interest would both encourage him and criticize him. The victim, battling his concerns and his dreams simultaneously, kept pouring money into the venture.

Until it was all gone, along with his love interest.

Here are the cold, hard facts everyone must remember when being courted online by a new, charming romantic interest.

Scammers are looking for lonely people. And they will find them.

The initial contact will happen innocently. It often begins with a text or social media message and seems accidental but leads to a conversation. It could also be a message you receive through social media that expresses interest in you, what you do, or your profile.

Here’s the key: The scammer doesn’t “know” that you are lonely; they begin a dialogue hoping to engage your attention and get a response. The more you respond, the greater the chance of an online relationship with them.

The victim (it could be you) doesn’t know they’re lonely either and doesn’t realize how susceptible they are to getting attention from someone. That’s why they are willing to dialogue.

The person you’re communicating with doesn’t exist.

You must understand that the “person” contacting you is not real. Their entire personality and identity are fabricated. The individual does not exist, and the scam is being run by a team of scammers who are part of a larger group. While one primary person may lead the scam as they get to know you, they are supported by and accountable to a team or group.

Scammers are experts at fueling and manipulating your emotions, dreams, and hopes.

These are not amateurs you are dealing with. They have their goals and know exactly what outcome they are striving for. Offering encouragement and support, they’re patient and deliberate. They will also convey their love, commitment, and devotion to get you to do exactly what they want. Worse than that, they will have you convinced you want the same thing.

These scammers are very sophisticated and relentless.

According to cybersecurity experts, criminal organizations often operate compounds where they employ and control people they use and train to execute scams around the clock. They teach their recruits every aspect of running a scam, from targeting individuals to what to say in text, emails, and conversations. Often, the scammers use tested scripts that have proven effective. They know exactly what to say to you and how to respond to every reaction or objection you give them.

They are heartless, cruel, and unrepentant.

The scammers aim to steal as much from a victim as possible. They will continue manipulating someone’s emotions and directing their behavior to invest or pay fees to unfreeze accounts. They will have you empty your accounts, borrow money, or get loans until they have taken all they can. If their victim protests, they will play the “guilt card,” saying how they feel betrayed after all they have tried to do to make the victim wealthy and happy. When they are sure there is no more money to take from you, they end the contact and move on to their next victim. They have fattened and butchered the pig.

There’s little chance of getting your money back.

Most victims realize that they have little chance of recovering their money. Crime syndicates operate in countries with weak legal systems and little cooperation with other agencies. The victims often give the scammers all their life savings or retirement and are left with nothing.

When it comes to the pig butchering scam, the criminals seem to be steps ahead of the authorities. Some experts admit that law enforcement is way behind in this fight. That’s why you need to be aware of this scam.

Follow the Easy Prey podcast.

If you go to the Easy Prey website, you’ll see a link to more than 200 episodes of the Easy Prey podcast, and you’ll find several on the topic of investment scams, romance scams, and even pig butchering.

Share this information and link with people you care about, especially older adults.