An explanation of romance scams (pig butchering)

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In this video, TechTarget editor Tommy Everson talks about pig butchering, also known as romance scamming.

Don't let a pig butcher slide into your DMs.

Referring to the deceptive practice that is popping up all over the digital world, pig butchering doesn't mean literally butchering pigs. Rather, it is meant to reflect the nature of this scheme, in which a victim's trust is gained before they are scammed, similar to how a pig is fattened before slaughter.

This is one of many cryptofraud tactics, which have been on the rise given the popularity of cryptocurrency. In 2022, $5.9 billion was lost to crypto scams.

This is how pig butchering works: It starts with the initiation of a virtual relationship, in which the scammer convinces the victim that they are interested in dating or becoming friends. As trust builds and the victim feels more comfortable, the scammer will try convincing them to invest their money in cryptocurrency, while promising large returns.

If convinced, the victim would then be set up with what appears to be a legitimate investment platform. In reality, the platform is run by the scammer and it is ultimately used to steal the victim's money. By the time the victim senses that this is a scam, the transactions will have already disappeared and their "friend" will have ghosted them.

So how do you avoid a pig butchering scheme? There are several red flags to consider. For one, if it seems too good to be true, it probably is. Since no investment guarantees returns, people should be wary of someone who promises high return rates.

Also, many scammers try to start conversations through "wrong number" texts, they'll act like they're texting by accident, when they're strategically trying to attract victims. It's best to not respond to any unsolicited text messages.

Finally, be aware that pig butchering scam sites are appearing on both the Apple and Google app stores. As a general rule, always ensure that you are investing on credible sites. Examine website URLs to make sure nothing is misspelled, while double-checking the legitimacy of investment apps. Due diligence is important in every investment decision and, on sites like Reddit or Better Business Bureau, users can read up on the latest scams in order to avoid them.

Have you ever been tied up in a pig butchering scheme? Share your experience in the comments, and remember to like and subscribe.

Tommy Everson is an assistant editor for video content at TechTarget. He assists in content creation for TechTarget's YouTube channel and TikTok page.