Digital swindles generate billions of dollars for criminals. And they all start with a little bit of “social engineering” to trick a victim into doing something disadvantageous, whether trusting you should not or sending money into the void.

Now, in the Crypto World, a new variation of these schemes is on the rise, ensnaring unsuspecting targets to steal all their money: the “Pig Butchering Crypto Scam.” Pig butchering scams originated in China. These scams are typically cryptocurrency schemes.

Scammers cold contact you on SMS texting or other social media, dating, and communication platforms. Most of the time, they will simply say “Hi” or something like “Hey, it was fun catching up last week!”

If you respond to say that the attacker has the wrong number, the scammer seizes the opportunity to strike up a conversation and guide you toward feeling like they have hit it off with a new friend.

Usually, the conversation will go something like this:

SCAMMER: “Hi, it was fun catching up last week!”

YOU: “May I know who is texting me, I do not recognize this number!”

SCAMMER: “Sorry, I may have the wrong number, I hope I did not … May I have your name?”

YOU: “My name is Peter….!”

SCAMMER: “Nice to meet you Peter. My Name is Lina. How hold are you?”

And the conversation will go on and on

SCAMMER: “ I am 35; her is my picture; age is of no importance; you sound very nice; are you married; any kids; ….. I am also single; no kids; no boyfriends; I like older men;

And there you are, in a romance building relationship.

After establishing a romantic rapport, the attacker will introduce the idea that they have been making a lot of money in cryptocurrency investing and suggest you consider getting involved while you can.

Next, the scammer gets you set up with a malicious app or web platform that appears trustworthy and may even impersonate the platforms of legitimate financial institutions. Once inside the portal, you can see curated real-time market data meant to show you the potential of the investment. And once you fund your “investment account,” you can start watching their balance “grow.”

Crafting the malicious financial platforms to look legitimate and refined is a hallmark of Pig Butchering scams, as are other touches that add verisimilitude, like letting you do a video conference call with your new “friend” or allowing you to withdraw a little bit of money from the platform to reassure you. The latter is a tactic that scammers also use in traditional Ponzi schemes.

Though the swindle has some new twists, you can still see where it is going. Once you have deposited all the money you have and everything the scammers can get you to borrow, the attackers shut down the account and disappear. That is the whole Pig Butchering thing; they are going for the whole hog. They go after people who are vulnerable: people who have had long-term health problems, who are older, people who feel isolated. They want to get every bit of oink, and they are persistent.

As with romance scams and other highly personal and exploitative attacks, Pig Butchering scams have the potential to take an enormous psychological toll on you in addition to their financial toll.

It eats you up really freaking bad.

Michel Ouellette JMD, ll.l., ll.m.

JMD Live Online Subscription link.

J. Michael Dennis, ll.l., ll.m.

Personal & Corporate Fixer

Skype: jmdlive

Email: jmdlive@jmichaeldennis.live

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