09/11/2024 | Press release | Distributed by Public on 09/11/2024 09:59
What is a Pig Butchering scam?
Pig Butchering is a term and metaphor used to describe a scam perpetrated over a long period of time to steal a victim's money repeatedly via online apps. This scam was developed by Asian organized crime groups/gangs and initially targeted individuals in China before moving to the United States. Scammers are often victims of human trafficking who are forced by their traffickers to perpetrate the fraud. It is one of the leading scams reported to the FBI and is still underreported.
The following information illustrates how a pig butchering scam is executed:
The flow, start to finish:
The introduction:
The relationship:
Other types of scams wrapped into Pig Butchering
Red flags of Pig Butchering
Tips to spot fake websites
Pig Butchering scam - list of common terms:
Cryptocurrency - a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority.
Dating Apps - an application that enables people to meet for a date and possible lasting relationship (i.e., Tinder, Bumble, eHarmony).
Encrypted Messaging Apps - provide end-to-end encryption for user-to-user text messaging. Encrypted messaging prevents anyone from monitoring your text conversations. (i.e. WhatsApp, Telegram)
Fake Profiles - someone online is pretending to be something or someone that doesn't exist.
Fake Trading Platform - scammers can create websites made to look like real trading websites, often including fake testimonials and misleading advertisements to seem more legitimate. The sites may appear to have trading functionality, and may even show financial gains from these "trades," but no actual trading is taking place.
Investing Scam - happens when scammers try to trick you into investing money in a fake investment scheme or by giving you fake information about a real investment.
Love Bombing - the action or practice of lavishing someone with attention or affection, especially in order to influence or manipulate them.
North Dakota Securities Department
Phone: 701-328-2910 Email:ndsecurities@nd.gov