According to security expert Brian Krebs, the term “pig butchering” refers to a heavily scripted and human-intensive process of using fake profiles on dating apps and social media to lure people into investing in elaborate scams. “The fraud is named for the way scammers feed their victims with promises of romance and riches before cutting them off and taking all their money,” the U.S. Federal Bureau of Investigation (FBI) warned in April 2022 in a podcast.
These scams are called “Butchering the Pig” or “Pig Butchering” because targets are engaged daily for several months before large amounts of money are sent to the scammers. They are being fattened up before the slaughter. In its essence, “Pig Butchering” scams are boiler room scams we have known for years. However, these Boiler Rooms Scams also go to social media and work not only with cell phones but also on social media via fake profiles. These are not always investment scams but also romance scams via dating platforms.
Brian Krebs sees that today’s most prevalent pig butchering scam involves sophisticated crypto investment platforms, where investors invariably see fantastic returns on their deposits in the beginning. However, the show is over if they try to withdraw their funds. In many cases, the scammers tell investors they would have to pay tax before withdrawing. Some poor guys pay these fake taxes, but they, too, never see their money again. The tax payments only increase their losses.
