Pig butchering scams are evolving to become more elaborate and increasingly expensive for victims. Recent estimates suggest that these fraudsters have taken around $75 billion from their targets, with a recent crackdown on an Asian crime operation adding another $46 million to this total.

I have spoken with many individuals affected by pig butchering scams. One caller to my national radio program shared how he was contacted by a woman on Facebook about a cryptocurrency investment. Despite my warnings that he was being groomed for financial exploitation, he refused to believe he was being duped.

Artificial intelligence is playing a significant role in making these scams easier to execute. I have the latest information on the tactics used so you can avoid becoming a victim.

The Missing Piece

Pig butchering scams operate on a systematic approach. Initially, they engage victims with flirtatious messages, promising easy money over months to “fatten” them up. Once they gain the victim’s trust, they lead them to financial scams involving cryptocurrencies or other investments.

Previously, scammers avoided video calls to maintain the illusion of their fabricated identities. Now, they utilize advanced deepfake technology that can alter appearances in real-time during video chats. This allows them to appear as different people to “prove” their identity.

However, these schemes depend on reliable internet access, which is not readily available in many regions where such scams originate. To combat this, criminals are acquiring Starlink satellite equipment.

The United Nations reports the seizure of 80 Starlink satellite units in Southeast Asia from April to June this year, with Thai authorities confiscating 58 units in June alone. Another operation recovered 10 Starlink devices along with nearly 5,000 preactivated SIM cards.

A Major Theft

A newer tactic called “crypto draining” is gaining traction among scammers. They send a link to what seems like a legitimate trading platform, prompting victims to connect their crypto accounts. Unfortunately, this enables the criminal to redirect funds directly into their wallet.

Crypto draining scams have proliferated on social media. In a single campaign running from March to December 2023, scammers stole $59 million from over 63,000 victims globally.

Types of Schemes

Pig-butchering scams manifest in various ways. Here are three alarming stories to illustrate what to beware of:

Networking Gone Wrong: A 70-year-old man from Colorado connected with a young woman on LinkedIn. When he mentioned his desire to visit Scotland, she led him to a cryptocurrency trading site. Before he knew it, he had poured his retirement savings and even took out a second mortgage, believing his account was thriving. Ultimately, he lost half a million dollars when he couldn’t access his funds due to claims of “illegal activity.”

Blind Love: A software developer in Santa Monica engaged in a two-month chat with “Jenny” on a dating platform before she presented an investment offer. What began as a $1,000 cryptocurrency investment escalated into an astonishing $740,000 loss. Thankfully, a friend’s intervention prevented him from losing his home as well.

Utterly Shameful: An Illinois widow fell for a scammer posing as an oil worker online. Despite their virtual romance, he started requesting financial aid for various reasons, initially asking for $20,000 for rig repairs, then $35,000, and the requests kept coming. Erika ended up sending him over $1 million, leaving her burdened with a home equity loan, tax liabilities from withdrawals, and a mere $400 to her name.

These stories share a common theme: scammers exploit the trust of individuals, preying on empathetic and kindhearted people.

How Can You Safeguard Yourself?

Pig-butchering scammers are prevalent on platforms such as Facebook, LinkedIn, WhatsApp, and dating apps like Tinder and Bumble.

Here are six practical tips to help you avoid becoming a victim:

1. Ignore unsolicited messages: If you receive communication from unfamiliar numbers or social media profiles, they are likely scams. If they continue after you inform them of a mistake, use the “Block” option.
2. Avoid mixing romance with business: Be cautious of anyone who quickly proclaims deep feelings and then starts asking for money. Investing and dating rarely intersect.
3. Be cautious with personal information: Never reveal personal or financial details over text, especially to people you’ve never met in person.
4. Conduct thorough research: Investment opportunities come with risks, even legitimate ones. Be skeptical of claims about high returns with minimal risks—this is a major red flag.
5. Don’t rush decisions: If someone pressures you to make quick investment choices, resist the urge. Genuine opportunities will still be available later; otherwise, it’s just gambling at best.
6. Consult a trusted friend:
   Whenever you’re uncertain, consult someone you trust for a second opinion on the situation or opportunity before you spend any money.

If you believe you were scammed, it’s tough to admit, but reporting it can help prevent others from falling victim. You can submit a report to the FBI through the Internet Crime Complaint Center (IC3).