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The term "pig butchering" may sound strange coming from a financial institution, but it’s a critical fraud scheme that’s on the rise. It refers to scammers "fattening up" their victims by building trust and emotional connections before stealing their money.
How Does Pig Butchering Fraud Happen?
A scammer typically creates a fake online persona, often showcasing a glamorous lifestyle through photos. Using dating apps, social networks, or messaging platforms, the scammer reaches out, often claiming they’ve contacted you by mistake. Once you respond, they’ll start a conversation, working to build your trust over time.
As the relationship develops, the scammer will eventually introduce the idea of investing—usually in cryptocurrency or Bitcoin. They’ll offer to guide you through the process, encouraging you to make small investments into a fake account they control. To make the scam appear legitimate, they may even allow you to withdraw some of the money at first, showing an immediate profit.
The Emotional Manipulation Behind Pig Butchering
Once the scammer has gained your confidence, they’ll begin pushing you to invest more, playing on your emotions and vulnerabilities. They’ll claim the investment is "risk-free" and urge you to deposit larger sums, often pressuring you to take out loans, liquidate retirement savings, or even mortgage your property. The scammer will continue this manipulation until you’ve reached your financial limit.
When you're no longer able or willing to invest, the scammer will claim the investment has been lost. By then, they’ve disappeared—along with your money—and the websites and accounts they used are no longer accessible. The scammer has moved on to find their next victim.
How to Protect Yourself from Pig Butchering Scams
To avoid falling victim to pig butchering or similar scams, follow these key tips:
- Be Cautious of Strangers Online: If someone refuses to meet in person, be suspicious.
- Don’t Trust Online Personas: Just because someone has a well-curated online profile doesn’t mean they’re real.
- Question "Too Good to Be True" Investments: If an investment sounds too good to be true, it probably is.
What to Do If You've Been Scammed
If you believe you've been a victim of pig butchering, it’s essential to act fast. Report the crime to your bank and law enforcement (such as the FBI or local police) as soon as possible. Provide as many details as you can to help track down the scammer.
At Central Pacific Bank, we are dedicated to helping you stay informed and secure. For more resources and tips on protecting yourself from fraud, visit cpb.bank/fraud.
