Around Valentine’s Day, it’s important to be wary of cybercriminals leveraging the specter of romance to trick unwitting participants into investing in phony schemes, resulting in the loss of money (as well as hurt feelings). Known as “Pig Butchering,” criminals employ an elaborate scam to establish a seemingly emotional connection, then trick the victim into investing into a fake venture, and then eventually abscond with the victim’s money.
Key steps of pig butchering are:
- Initial contact: usually through social media, showing care and compassion
- Build a relationship: over time, trust is built through online conversations
- Investment opportunities: seemingly legitimate, the investments start small, then get larger, and eventually involve significant sums before the account is frozen and the scammer disappears
To thwart such acts, be sure to be wary of unexpected contact that seems too good to be true, pressure to invest and difficulty withdrawing funds.
