Pig Butchering Scams
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June 27 2025
Around here when we hear the term pig butchering, we are not immediately thinking about a scam. However, pig butchering scams are something we need to be informed about, especially when people close to home are losing their entire life savings. The term “pig butchering” means fattening a pig before slaughter - and it’s a serious, growing problem. Losses to investment scams like these rose from $3.31 billion in 2022 to $4.57 billion in 2023. In September 2024, an Illinois widower lost $1 million.
“Pig Butchering” happens when scammers connect with you online, form a relationship, and lure you into fake cryptocurrency investments. It may take weeks or months for them to establish trust, groom the victim, and find things in common (You’re divorced? Me too…), before eventually mentioning that they’ve recently made a lot of money on a certain investment platform. They will convince you to give it a try.
Financial groomers are masters of manipulation. Using a fake online profile, they will contact the target through a dating app, social media platform, or an unsolicited message, such as a wrong-number text. There will be a long get-to-know-you period, where the victim is convinced that they’ve established a new romance or friendship before the criminal reveals an amazing investment opportunity. Usually, it involves cryptocurrency, but it could be gold bars or other commodities.
Because victims may be reluctant at first, scammers often start by suggesting small, low-risk investments and provide the victim with fake returns. Victims see fabricated profit reports and testimonials, and highly polished documents, websites, or links to what appear to be legitimate investment platforms. They will tell you to open accounts on online investment websites and instruct you to deposit money via wire transfer to shell companies, or direct transfers on legitimate virtual asset service providers (VASPs) or cryptocurrency exchanges.
The criminals also apply psychological pressure. They might urge quick action, saying you’ll make less money if you wait. Once you invest, scammers will push you to invest more money and use money-laundering tactics to move digital assets across multiple platforms, making them nearly impossible to track. You’ll likely encounter issues ranging from hidden fees to difficulties withdrawing money. After the victim's finances are drained, the scammer vanishes.
These scams are successful because the criminals are selling a dream. It’s an enticing mix of gaining love and wealth. The dream looks plausible, because the scammer is investing a huge amount of time and energy into the relationship. You might get calls and texts — mostly texts — for hours a day. It’s easy to fall for the dream of, “I could have this great relationship, and I could also use this proven technique for making money in cryptocurrency.” It would be a hard thing to resist for anyone who might be lonely or struggling financially.
These scammers will isolate the victims and lead them to believe that only they can be trusted. The scammer may also threaten to end the relationship if the victim doesn’t invest. They are trying to get their victims into a heightened emotional state, getting them excited, and to trust the person that’s engaging with them.
Protect Yourself!
In November 2024, Meta, which owns Facebook, Instagram, WhatsApp, and Messenger, announced that it had taken down more than two million accounts linked to scam centers in five countries, however financial grooming shows no signs of slowing. Here are some ways to stay safe:
Research Investments. Never invest in something that you do not completely understand. Do your homework.
Talk to a Financial Advisor. If the investment is legitimate, consulting an investment advisor shouldn’t be an issue. But scammers will tell you not to do this. They’ll say not to tell anyone about this or emphasize that you can only trust them. That’s a good sign that you should talk to someone else.
Ignore Out-of-the-Blue Communications. If you receive a call, email, or text from someone you don’t know — or a message on social media — don’t respond. We need to believe that everyone that is entering our lives digitally is a scammer unless proven otherwise. Also, be wary of people who can never seem to meet in person. Video calls are also something to be wary about due to AI.
Avoid Messaging Platforms. If your new friend wants to move your conversation to a messaging service like WhatsApp, Telegram, or Signal, that’s a red flag. The reason: many dating apps and social media platforms are on the lookout for financial grooming scammers — so the criminals want to talk on platforms where they can’t be watched.
Watch For Early Affection. Scammers use proven, well-tested scripts. One tactic: love bombing. Within a matter of days, they use cute names, calling the victim ‘honey’ and ‘my love’. You would not expect to be saying these words of endearment in just a matter of weeks. It’s a serious red flag for a romance scammer.
Conduct a Reverse Image Search. This is an online tool that reveals information such as when and where a photo was taken, and where it appears online. With Google Image Search, you can click its camera icon and then drag or upload an image. Why do it? Scammers re-use images on fake company websites. The CEO on one site might appear as the treasurer on another site or the head of HR on a third site, all with different names.
Research Apps. Fake companies also have fake apps. Apps used in financial grooming scams may seem legitimate, but they’re not typically on app platforms like Google Play or Apple’s App Store.
Share Your Experiences. If you’re using a dating app, report suspicious user profiles to the dating site administrator and cease all contact with suspicious users. Do the same with social media platforms.
If you think you’ve been a victim of this type of scam – or any other scam – please reach out to your local Bruning Bank location. We are here to help!
This information was gathered from aarp.org
-Kristen Swartzendruber, Deposit Services Administrator-