This article was last updated on March 6, 2024
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Table of Contents
Unveiling ‘Pig Butchering’
The Fraud Helpdesk is beginning to sound the alarm over a rapidly proliferating form of deception where individuals on dating platforms are lured into investing in cryptocurrency. A study conducted by the University of Austin, USA, reveals that unsuspecting victims have already been swindled out of an estimated 80 billion dollars through this scam. Known as ‘pig butchering,’ this scam first surfaced in China six years ago and became a global concern at the tail-end of 2019, coinciding with the outbreak of the coronavirus. The term ‘pig butchering’ is a metaphor for the tactic scammers employ, where potential victims are ‘fattened up’ with small financial successes and affectionate messages. This tactic builds the victims trust and emotional attachment, only for them to be essentially fleeced of their assets subsequently.
Crypto Dating Scammers
In this scam, the fraudster typically poses as an affluent entrepreneur or an attractive, wealthy woman on these dating platforms. Expensive lifestyles and opulence portrayed in the scammer’s pictures are used to reinforce the concept that wealth is readily attainable through crypto investments. As the conversations become more intimate with heart emojis and digital kisses, the scammer gives you a glimpse of seemingly how easy it is to become as wealthy as they are if you invest in cryptocurrencies. Tragically, the victims often end up losing thousands of euros, and in some cases, even hundreds of thousands of euros.
Increasing Reports of ‘Pig Butchering’
According to Tanya Wijngaarde, the spokesperson for the Fraud Help Desk, this form of investment fraud is swiftly growing and incredibly concerning. “These are substantial amounts, averaging 30,000 euros in losses with even instances of victims losing over a million euros”. The Fraud Help Desk has been tracking the number of reports regarding pig butchering for the past two years. There were fifty reports two years ago, a number which increased slightly to 63 last year. “The scary part about these figures is that they’re only our reports. There are likely a substantial number of people who’ve fallen victim to this scam but are choosing not to report it,” says Wijngaarde.
Vulnerability to Identity Fraud
The concerning aspect that people share crucial personal information such as their IDs without having met their ‘partners’ in person makes them susceptible to identity fraud.
Behind the Scenes of ‘Pig Butchering’
It appears that large structured crime syndicates often operate these scams. According to Time Magazine, some of the scammers are unknowingly lured abroad through fake job opportunities posted on social media and end up as human trafficking victims. Once the unsuspecting individuals arrive, they are forced into the depths of these false operations by criminals who run centres from which the deceptive actions take place. Interpol suggests that the scam has become so successful that it’s spread from China to countries with less robust law enforcement practices, such as Myanmar, Cambodia and Laos. The Fraud Help Desk strongly urges individuals to be cautious of such scams and to report any suspicious activities on dating platforms to the relevant authorities.
The End Game
Without the prospect of salvation or escape from these captors, these poor victims work under duress at the mercy of their captors in exchange for basic survival. Human rights organizations and law enforcement agencies worldwide are working relentlessly to bring these criminals to justice. Despite the systemic issues, some successes have been reported, with over 1,200 personnel forced into fraud in Myanmar being rescued by Chinese and Thai police last week.
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