Pig Butchering Investment Scams – Official FBI Podcast

Pig ButcheringPig Butchering Sha Zhu Pan 殺主盤 “Pig Butchering” This is a scam type that originated in China involving the scammer developing a relationship with the victim - sometimes romantic sometimes not - and leading the victim to invest in a fake company or asset. These typically target smart younger women. Investment ScamsInvestment Scams When a caller claims to have a promising investment opportunity that will help you get rich quick, it's likely a scam.

Official FBIFBI FBI - Federal Bureau of Investigation The Federal Bureau of Investigation (FBI) is the domestic intelligence and security service of the United States and its principal federal law enforcement agency. Operating under the jurisdiction of the United States Department of Justice, the FBI is also a member of the U.S. Intelligence Community and reports to both the Attorney General and the Director of National Intelligence. A leading U.S. counter-terrorism, counterintelligence, and criminal investigative organization, the FBI has jurisdiction over violations of more than 200 categories of federal crimes, including financial fraud. Podcast

Presented by SCARSSCARS SCARS - Society of Citizens Against Relationship Scams Inc. A government registered crime victims' assistance & crime prevention nonprofit organization based in Miami, Florida, U.S.A. SCARS supports the victims of scams worldwide and through its partners in more than 60 countries around the world. Incorporated in 2015, its team has 30 years of continuous experience educating and supporting scam victims. Visit www.AgainstScams.org to learn more about SCARS.

Building A Digital Defense Against A New Romance + Cryptocurrency ScamScam A Scam is a confidence trick - a crime -  is an attempt to defraud a person or group after first gaining their trust through deception. Scams or confidence tricks exploit victims using their credulity, naïveté, compassion, vanity, irresponsibility, or greed and exploiting that. Researchers have defined confidence tricks as "a distinctive species of fraudulent conduct ... intending to further voluntary exchanges that are not mutually beneficial", as they "benefit con operators ('con men' - criminals) at the expense of their victims (the 'marks')". A scam is a crime even if no money was lost. Called “Pig Butchering”

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The Pig Butchering scamPig Butchering Sha Zhu Pan 殺主盤 “Pig Butchering” This is a scam type that originated in China involving the scammer developing a relationship with the victim - sometimes romantic sometimes not - and leading the victim to invest in a fake company or asset. These typically target smart younger women. pulls on heartstrings and purse strings, and it is much easier to execute than regular emergency-based romance scamsScams A Scam is a confidence trick - a crime -  is an attempt to defraud a person or group after first gaining their trust through deception. Scams or confidence tricks exploit victims using their credulity, naïveté, compassion, vanity, irresponsibility, or greed and exploiting that. Researchers have defined confidence tricks as "a distinctive species of fraudulent conduct ... intending to further voluntary exchanges that are not mutually beneficial", as they "benefit con operators ('con men' - criminals) at the expense of their victims (the 'marks')". A scam is a crime even if no money was lost.!

The fraudFraud In law, fraud is intentional deception to secure unfair or unlawful gain (money or other assets), or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensation) or criminal law (e.g., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities), or it may cause no loss of money, property, or legal right but still be an element of another civil or criminal wrong. The purpose of fraud may be monetary gain or other benefits, for example by obtaining a passport, travel document, or driver's license, or mortgage fraud, where the perpetrator may attempt to qualify for a mortgage by way of false statements. A fraud can also be a hoax, which is a distinct concept that involves deliberate deception without the intention of gain or of materially damaging or depriving a victim. 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 original Chinese name: Sha Zhu PanSha Zhu Pan Sha Zhu Pan 殺主盤 “Pig Butchering” This is a scam type that originated in China involving the scammer developing a relationship with the victim - sometimes romantic sometimes not - and leading the victim to invest in a fake company or asset. These typically target smart younger women. 殺主盤

It’s run by a large number of organized fraud rings focused on cryptocurrency scams that mine dating appsApps Applications or Apps An application (software), commonly referred to as an ‘app’ is a program on a computer, tablet, mobile phone or device. Apps are designed for specific tasks, including checking the weather, accessing the internet, looking at photos, playing media, mobile banking, etc. Many apps can access the internet if needed and can be downloaded (used) either for a price or for free. Apps are a major point of vulnerability on all devices. Some are designed to be malicious, such as logging keystrokes or activity, and others can even transport malware. Always be careful about any app you are thinking about installing. and other social media for victims.
And the scam is becoming alarmingly popular.

In 2021, the FBI’s Internet Crime Complaint Center received more than 4,300 complaints related to crypto-romance scams, resulting in more than $429 million in losses. But remember that these numbers are ridiculously low since less than 3% of victims report these crimes.

The scam started in China in late 2019, but, as those numbers indicate, it’s now becoming more prevalent in the United States and everywhere else. Scammers (in China) are using translation programs to communicate seamlessly with their victims.

Victims have very similar stories:

Meeting someone on a dating app or social media, the scammerScammer A Scammer or Fraudster is someone that engages in deception to obtain money or achieve another objective. They are criminals that attempt to deceive a victim into sending more or performing some other activity that benefits the scammer. gains the confidence and trust of the victim, and then claims to have knowledge of cryptocurrency investment or trading opportunities that will result in substantial profits. The victim is then directed to transfer large amounts of cryptocurrency from the exchange account to cryptocurrency wallets controlled by fraudsters, ultimately losing it all.

Here’s how to protect yourself:

  • Never send money, trade, or invest based on the advice of someone you have only met online.
  • Don’t talk about your current financial status to unknown and untrusted people.
  • Don’t provide your banking information, Social Security Number, copies of your identification or passport, or any other sensitive information to anyone online or to a site you do not know is legitimate.
  • If an online investment or trading site is promoting unbelievable profits, it is most likely that—unbelievable.
  • Be cautious of individuals who claim to have exclusive investment opportunities and urge you to act fast.

If you are the victim of any online fraud, you should report the incident to the FTCFTC The Federal Trade Commission (FTC) is an independent agency of the United States government whose principal mission is the enforcement of civil (non-criminal) U.S. antitrust law and the promotion of consumer protection. The FTC can also act as a clearinghouse for criminal reports sent to other agencies for investigation and prosecution. To learn more visit www.FTC.gov or to report fraud visit ReportFraud.FTC.gov at https://reportfraud.ftc.gov/#/?orgcode=SCARS and on www.Anyscam.com, and optionally to the FBI – however, first report it to your local police – that police report number is essential when communicating with financial institutions.

Why Is This Scam Really Called “Butchering The Pig?”

WARNING: SCAM VICTIM TRIGGERTRIGGERS A trigger is a stimulus that sets off a memory of a trauma or a specific portion of a traumatic experience. ALERT
THE FOLLOWING IS NOT FOR NEW VICTIMS

This scam is 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; in other words, it is like fattening up a pig before the slaughter.

  1. The scammers, using a profile of an attractive (usually) Asian man or woman (but more and more, they are of any race and they are coming from any country), lead the target (the pig) through carefully scripted conversations. The interim goal is to develop a trusting relationship – friendship or romance.
  2. The scammer suggests that the victim can make a little money, just like they did. Once the target has sent an initial “investment” deposit, the account will show impressive gains. Sometimes the scammer will allow the target to withdraw a small amount of money to prove its legitimacy.
  3. The target is then encouraged to send further funds to maximize this investment opportunity – even borrow money from family & friends, take out loans – whatever they have to do to take full advantage of “this opportunity” to become rich.
  4. Once the scammers have the larger amount it typically ends. The scammers cut off all communication, leaving the target without their money or their “profits” or even really knowing what happened.
  5. Unlike regular romance scams, where the victim ends the scam, here the scammers do it by taking the money and just running!

What makes this scam so insidious and so successful is that while the amounts that are stolen usually range between USD$10,000 and $2,000,000+, the sheer number of scams occurring is overwhelming. We have seen cases, such as one prominent lawyer who lost more than $5 million on this scam. He eventually decided not to pursue his claims because he feared the publicity would destroy his legal practice.

Unlike regular romance scams where the victim’s trust is the limit of the losses, in this case, there are no red flags to see, so people invest vast amounts of money. SCARS estimates that the average loss in a Pig Butchering scam is above $50,000.00

Between January and July of 2021, the FBI alone received nearly 2,000 complaints of cryptocurrency-focused Sha Zhu Pan scams and there is little doubt the number is considerably higher since only about 1-3% of victims report these scams.

Some claim that the police in China don’t really care because they have more important things to do and they are not all that fond of Americans and Europeans. However, this is yet another Urban LegendUrban Legend Urban Legend An urban legend, urban myth, urban tale, or contemporary legend is a genre of modern folklore comprising stories circulated as true, especially on social media. These legends can be entertaining but often concern serious topics. They may also be confirmation of moral standards, or reflect prejudices, or be a way to make sense of societal anxieties. Urban legends are most often circulated orally but can be spread by any media, including newspapers, mobile news apps, e-mail, and social media. Some urban legends have passed through the years with only minor changes and seem impervious to exposure as untrue. from amateur anti-scammers. The reality is the Chinese lead the world in scammer arrests – they care very much about these crimes as a national issue of pride (source: SCARS|CHINA.)

However, the Chinese scammers operating throughout Asia (such as Bhutan, Cambodia, China, Hong Kong & Macau, South Korea, and elsewhere) especially target those of Chinese ethnicity, who have made up a good portion of the victims until now. But this is changing as the Africans, Latin Americans, Philippines, Russians & Eastern Europeans, are all getting in on this game!

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Society of Citizens Against Relationship ScamsSCARS SCARS - Society of Citizens Against Relationship Scams Inc. A government registered crime victims' assistance & crime prevention nonprofit organization based in Miami, Florida, U.S.A. SCARS supports the victims of scams worldwide and through its partners in more than 60 countries around the world. Incorporated in 2015, its team has 30 years of continuous experience educating and supporting scam victims. Visit www.AgainstScams.org to learn more about SCARS. Inc.

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