What Is A Pig Butchering Scam? Behind The $10 Billion Fraud That Has Nothing To Do With Livestock
Pig butchering scams are a sophisticated form of long-term financial fraud where criminals build trust with victims over months before stealing their money. Unlike traditional scams, these operations often use social media and dating apps to groom victims into investing in fake cryptocurrency platforms.
Why it matters
These scams have caused over $10 billion in global losses, highlighting the need for increased digital literacy and awareness regarding long-con cybercrime.
If it’s your first time hearing it, the phrase “pig butchering scam” probably doesn’t make you think of cryptocurrency, fake investment platforms or organised cybercrime. But, in a weird turn of events, it probably should.
Despite its unusual name, pig butchering has become one of the fastest-growing forms of financial fraud in the world, and it actually may be more of a familiar concept than you think. According to estimates referenced by cybersecurity experts and law enforcement agencies, these scams have cost victims more than $10 billion globally, with the FBI continuing to track the trend as it spreads across social media, messaging apps and cryptocurrency platforms .
And unlike many scams that rely on panic or urgency, pig butchering scams play the long game. It’s about being cool, calm and collected.
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