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“Hey! It’s been a while. Let’s catch up.”
Have you received this text or one similar to it? It starts innocently enough. Someone just sent a text to the wrong number. The polite thing to do would be to let them know, so they can resend their text to the correct person… Right?
Unfortunately, the text is from a scammer who is using your kindness against you and is planning to play a long con game. Once you reply, the scammer will strike up a conversation and start building trust, even seeing if they can start a romantic online relationship with you. This can go on for several months before the scammer implements their attack.
The scam process is called Pig Butchering, and you are the targeted prey. The process involves forging a relationship or “fattening up” a victim before they steal an individual’s money.
The con starts simply. After a victim responds to a text, even just to let them know that they have texted the wrong person, the scammer will engage in conversation. They may even use social media to make it look as though a victim is talking to a real person. They build a relationship, forming a bond with their victim. Slowly, they start weaving talk of investments or cryptocurrency into the conversation, not initially asking for money, but making the conversation seem normal...something they talk about in their day-to-day lives. Their plan is to make the topic conversational so that it doesn’t seem sudden when they start talking about this great investment opportunity.
After exploiting the desire for friendship or intimacy and building trust, then scammer begins introducing investment opportunities to their victim. They may provide false data about how well an investment portfolio is doing or show fraudulent bank statements that reflect large investment deposits into their accounts. They may even post fake social media posts on their profiles that show the luxurious life they lead and lavish vacations they have been taking, which can establish a false sense that their investing strategy is working. They talk up the investments they are involved with and create a sense of urgency that a victim “shouldn’t miss out on this opportunity, so you’ll need to invest quickly.”
Although they may not ask directly for the money, once they convince a victim to invest, they may direct them to use a specific digital platform or have the unsuspecting individual purchase cryptocurrency that is then provided to a scammer or their accomplice. They may often use fake digital platforms designed to look like a real investment firm’s website. Some convince their victims to start with a small investment and then provide false data on their platform reflecting how much the investment has grown. Some scammers have even been known to allow victims to withdraw small amounts of their investment, establishing another method by which they are proving that this is a real opportunity.
However, as the investing continues and they convince a victim to go all in, the façade starts to crumble. When attempting to make a withdrawal from an investment account, the money is suddenly nowhere to be found; in some cases, individuals are told that they have to pay severe penalties or high taxes before they can obtain their funds. It’s at this point communication with the scammer becomes impossible. They will not return texts or respond to any social media messages. Social media profiles are often deleted as the scammer moves on to their next victim, leaving the current victim with a huge financial loss – “slaughtered,” so to speak.
The 2023 Internet Crime Report indicates that complaints tracked by the Internet Crime Complaint Center (IC3) reflected that losses from investment scams were approximately $4.57 Billion in 2023, which is a 39% increase from 2022 (2023 Internet Crime Report, 2023). Moreover, these numbers only reflect scams that were reported; so many go unreported because victims feel embarrassed that they were scammed and do not want to admit they were tricked.
With these types of scams on the rise and more and more people falling victim, often losing their life’s savings, it’s important to protect yourself. Here are a few tips to remember the next time you receive an “innocent” text from someone you don’t know:
Scammers using these tactics are only becoming more brazen, using new technology to send scam information quickly to individuals every day… They send out these messages while waiting for someone to take the bait so they can start their Pig Butchering scheme repeatedly. Keeping these criminals at bay requires the efforts of us all to remain vigilant and stay educated on current schemes.
When it comes down to it, listen to your gut and trust your instincts. The adage “If it sounds too good to be true, it probably is” remains relevant today. Don’t let yourself get swept up in the prospect of making fast cash and losing all your savings. Remember, you do not need to be embarrassed if you’re a victim of fraud. Takes steps to protect yourself and loved ones. If you believe you are involved in a Pig Butchering scam or similar fraudulent activity, report it to the authorities and alert your financial institution.
References
2023 Internet Crime Report. (2023). 2023 IC3 Report. Retrieved from IC3.gov: https://www.ic3.gov/Media/PDF/AnnualReport/2023_IC3Report.pdf
