Pig Butchering scams: What to watch out for
Pig Butchering scams can start with something as simple as a text from a wrong number, a new connection on social media, or a match on a dating app. The conversation may seem harmless at first, but the scammer’s real goal is to build your trust before convincing you to send them money or make an investment.
Because these scams can play out over weeks or months, they can be harder to spot.
What is a Pig Butchering scam?
A Pig Butchering scam is a type of scam where someone builds a relationship with you before introducing an investment opportunity, financial emergency, or another reason to send money. The relationship may seem romantic, friendly, or even professional.
Once they’ve gained your trust, they may bring up an investment that’s supposedly worked well for them and offer to help you get started. These investments often involve cryptocurrency. They may direct you to a website or app that appears legitimate, but the platform may actually be fake and controlled by scammers.
How does the scam work?
It often starts slowly. The scammer may message you regularly, share details about their life, and take time to build a connection.
Once trust is established, they may encourage you to send money for an investment, financial emergency, or another reason. You could be asked to send funds through wire transfers, cryptocurrency, payment apps, gift cards, or other payment methods that can be difficult to recover.
For an investment scam, they may encourage you to start with a small amount and show you what appears to be a growing balance. You may even be able to withdraw a small amount at first, making the investment seem legitimate.
Once you feel comfortable, they may pressure you to send or invest more. When you try to withdraw your money, you could be asked to pay additional fees, taxes, or other charges. The balance you see may be fake, and the money you sent may already be gone.
A few warning signs to watch for
- An unexpected message or online relationship with someone you’ve never met in person
- Unsolicited investment or cryptocurrency advice
- Promises of unusually high or guaranteed returns
- Pressure to send money quickly or keep the situation private
- Instructions to send money to unfamiliar accounts, platforms, or recipients
- Requests for wire transfers, cryptocurrency, payment apps, gift cards, or other difficult-to-recover payments
- Requests for additional “fees” or “taxes” before your money can be returned
- Requests to purchase gift cards and share the card number or PIN
A few ways to stay safe
- Slow down and independently verify who you’re dealing with before sending money
- Don’t invest based solely on advice from someone you’ve only met online
- Research investment websites and apps independently before using them
- Be cautious of anyone asking you to buy gift cards as a form of payment
- Never share gift card numbers or PINs with someone you don’t know or trust
- Never share your banking information, passwords, or one-time passcodes
- Be cautious if requests for money continue, change, or increase over time
If something doesn’t feel right, contact SF Fire Credit Union before sending the funds. Taking a few extra minutes to verify who you are dealing with and why the money is being requested can help prevent a significant financial loss.
If you think you may have already sent money as part of a scam, stop sending additional funds and contact us as soon as possible.
If an investment opportunity or request for money comes from someone you only know online, take a moment to check it out before sending anything. A little research can go a long way in spotting a scam.
If you’ve found this article helpful, please share it with a loved one. Learn more about this and other common scams by visiting our Fraud Center.
