Pig-butchering scams cost Americans $4B a year – Don’t be a victim

Looking for love online? Keep your head on a swivel for pig-butchering scams.

Cybercrooks play the long game in this one. They “fatten you up” with lovey-dovey texts over months, and then, once they have your trust, they send you to slaughter with a crypto scam.

Thousands of victims have lost their life savings. And when the stakes are that high, it can turn deadly. Here’s what happened when 82-year-old divorcee Dennis Jones went to Facebook to find companionship.

He met a woman named ‘Jessie’

Over the next several months talking online, Dennis and Jessie grew closer. That’s when Jessie brought up crypto and convinced Dennis to invest.

By the time Jessie went in for the kill, Dennis trusted her enough to spend every last dime on her bogus crypto scheme, even though the two had never met in person.

Concerned with his well-being, Dennis’ children planned a meeting to help him recover from the devastating financial loss. On the morning of the meeting, no one could get in touch with him.

An hour later, police discovered Dennis had taken his own life.

Dennis’ story is extreme, but pig-butchering scams are all too common. According to the FBI, they cost U.S. victims almost $4 billion last year alone, up 53% from 2022.

Why are they so hard to stop?

Most of these scams are traced back to Chinese gangs operating out of Southeast Asia. The people behind the scam accounts and phone numbers are often prisoners themselves, human trafficking victims kept in guarded compounds against their will.

They get conned into relocating to Southeast Asia for white-collar jobs, only to fall for a classic bait-and-switch. It’s awful from top to bottom and super tough to prosecute.

What can you do to protect yourself?

Pig-butchering scammers are all over Facebook, LinkedIn, WhatsApp, and dating apps like Tinder and Bumble.

I’ve got six tips to avoid becoming a victim:

1. Don’t answer unsolicited texts: If it’s from an unknown number or social media account, nine times out of 10, it’s a scam. If they keep messaging you after you tell them they have the wrong number, hit that “Block” button.
2. Don’t mix business with pleasure: Be wary of anyone who’s quick to profess strong feelings for you and then asks for money. Online dating and investing seldom cross paths.
3. Don’t overshare: This includes sharing personal or financial info over text, especially with people you’ve never met in person.
4. Do your homework: Even legitimate investment opportunities come with risk. Be suspicious of any claims of high returns at little to no downside. Major red flag.
5. It’s never urgent: Don’t give in to pressure from someone encouraging you to make a quick investment decision. If it’s a real opportunity, it’ll be there next week; otherwise, it’s gambling at best.
6. Phone a friend: When in doubt, get a second opinion on the situation or opportunity from someone you trust before you pull out your wallet.

Think you were targeted? I know it’s hard to admit, but reporting it could save someone else. You can file a report with the FBI through the Internet Crime Complaint Center (IC3).

Tags: apps, Facebook, internet, scheme