The term “slaughter of pigs” usually refers to the practice of fattening animals before they are slaughtered.

However, in a metaphorical sense, it refers to a series fraudwhich are a rapidly growing threat.

How do scams happen?

In these cases, the scammers send messages to strangers and build relationships with them with the aim of tricking them later and extorting money from them. The pretext is often romantic interest, and the conversation turns to investment opportunities, usually associated with cryptocurrencies. According to the US Federal Trade Commission, romantic relationship scams cost victims an estimated $1.3 billion in 2022. About 70,000 people reported such a crime, and the average reported loss was $4,400. One victim lost up to $2.5 million when she fell victim to a cryptocurrency investment scam.

At the same time, fraud occurs on an industrial scale, with numerous victims. In 2021 alone, $429 million was lost due to these scammers. Online translation services, which have reached a high level of quality and can easily help create email scams in multiple languages, and more recently ChatGPT, help scammers create even more compelling messages, opening the door to international campaigns.

ESET cybersecurity specialist gives advice on how to avoid becoming a victim of a pig butchering scam. It is recommended to be wary of spam and not to trust someone you just met online. Also, don’t discuss your financial situation with strangers online, and be careful about listening to investment advice from strangers.

FBI recommendations

Also, according to the FBI, the following should attract our attention:

• When we are contacted by a contact after a long time or by a stranger on social networks.

• When the URL address of the investment platform does not match the official website address of a popular cryptocurrency exchange/exchange, but is very similar (typo).

• When we receive warnings that an investment application we have downloaded is “unreliable” or potentially dangerous.

• When an investment opportunity sounds too good to be true.

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