Pig butchering scams take bits and pieces from romance and investment scams to create a larger, lethal kind of scam. The amount of time and energy scammers put into pig butchering is a big part of what makes it so dangerous.
Report pig butchering as soon as possible
If you know someone or you yourself have already put money into one of those phony financial apps, report it as soon as possible to your bank and the Internet Crime Center (IC3) in addition to the Federal Trade Commission and your local FBI office. You can also report the crime to your local police and your state attorney general as well.
It's important to remember that in these moments, judgement of a victim's personal character isn't on anyone's radar here. None of the people at these offices or organizations are taking your report as a personal indictment of yourself or how susceptible you were to this one scam; it's their job to track down these criminals and get your money back. And the sooner you can report a pig butchering scam, the better the odds you can get your money back.
Raise awareness
The best way you can protect yourself and those you love from pig butchering scams is to be aware of them. Look out for the signs that we mentioned earlier, and don't get caught up in conversations with strangers without first asking yourself if their behavior checks any of the boxes associated with pig butchering scams.
Know the signs
Don't trust people who make excuses not to do something as simple as a video call, or meeting in public. Don't trade, invest, or send money to someone you've only met online. Especially if you've never seen them on video. And don't provide your banking and sensitive personal information to any apps or websites they navigate you to, whether or not you think the source is authentic.
Pig butchering scams rely on a sense of urgency once the scammer has established a rapport with you, so don't fall victim to the out-of-the-blue message about an urgent investment opportunity that you need to act fast on. The scammer has been working you for months to get you to let your guard down at this exact moment.
Be there as someone victims can lean on
In 2023, the FBI reported that American victims alone lost over $3.5 billion combined from pig butchering scams.
These scams are unfortunately effective, and many people have seen their retirement, savings, and net worth all deplete to $0 because of them.
Many people, embarrassed and feeling hopeless, have also taken their own lives in the aftermath.
It's important to keep an open line with your friends and family, and to be someone they can come to without fear of judgement in situations like these.
Don’t fall into the trap
Gone are the days of mystery emails landing in your inbox from descendants of relatives, or royal families from far out countries. Now, scammers are going straight for dating apps, social media, and other online places you're more likely to haunt and lower your guard in.
You've got the info on one of the most devastating types of scams in a scammer’s playbook. Keep a look out for the warning signs, and keep your friends and family informed about pig butchering scams as well. If nothing else, be there as someone they can lean on if they've found themselves in the middle of one.
And keep your guard up, too. Pig butchering can happen to anyone.