Old Scam With A Scary New Name

If someone online is offering love, friendship, or investment advice that seems too good to be true, it’s probably too good to be true. A dangerous and emotionally manipulative type of scam is targeting people all over the world through dating apps, social media, and text messages called “Pig Butchering” and yes, the name is as disturbing as the scam itself.

In this article, we go over important red flags to be on the lookout for and tips on how to protect yourself from potential “Butchers”.

What is "Pig Butchering"?

“Pig Butchering” is a scam in which fraudsters spend weeks or even months communicating with victims building trust, affection, and friendship before “fattening up” their victim by encouraging smaller investments. After the fraudster builds that trust, they financially exploit and “slaughter” them by stealing large sums of money through larger fake investments.

Common Types of Pig Butchering Scams

Romance Investment Scam

• Usually begins on dating apps or social media.
• After an emotional connection is built, the fraudster introdues a lucrative investment opportunity.
• Victims are directed to fake trading platforms. Sometimes fraudsters will even create a legitimate account in your name. They will show profits, and then the account will be locked out when you attempt to withdraw the funds.
  

Wrong Number Scam

• Starts with a wrong number text such as "Hey, is this Jennifer?" or "Hi Paul! Sorry we missed you this weekend at the BBQ."
• The fraudster keeps chatting and becomes friendly, suggests moving the conversation onto another "secure" communication platform such as WhatsApp, and then introduces crypto or forex investing.
  

Fake Investment Coaches

• Claims to be a financial advisor or crypto mentor. Starts with a direct message through social media or a post, an online ad, that encourages you to attend a free event or order free materials.
• Encourages you to “learn trading” guiding you through downloads or transfers.
• Often will impersonate real trading apps or create sophisticated fake ones, sharing success stories of people that have used their program to make money. They will then direct you to the site or the app to “invest”. 
  

Family, Friend, or Celebrity Impersonation 

• Unsolicited contact from a stranger via text, social media like FaceBook, WhatsApp, or dating platforms.
• Overly friendly or romantic tone right from the start even though you’ve just met.
• Pressure to move the chat off platform to Signal, Telegram, or WhatsApp.
• Promises of guaranteed returns or financial freedom with crypto, foreign currency, or gold.
• Requests for crypto wallet details or instructions to move funds.
• Excuses as to why you can’t withdraw your profits.
• Being asked to pay “taxes,” “fees,” or “unlock charges” to get your money back.
  

How to Protect Yourself

Be skeptical of strangers online. If someone offers financial advice or an investment opportunity out of the blue, do not engage. Do research on them, do a reverse image search, ask questions, and consult with someone you trust.

Never send money to people that you’ve never met, especially when the “romance” or “friendship” is used to build trust. Do not follow links shared by strangers or download unknown apps.

Think You've Been Scammed?

If you think you have been scammed, visit your local Workers Credit Union branch or call the Contact Center so that you can be assisted with freezing or flagging your account. Save all correspondence and screenshots as this can help investigators trace and try to stop these fraudsters. We can then advise you on the next steps to take.

Stay safe, stay alert, and don’t hesitate to contact us with any questions or concerns.