Pig butchering scams are becoming more prevalent worldwide. Despite the name, these schemes do not relate to pork but to your finances. 

The US National Cybersecurity Alliance says they involve establishing a relationship with a victim to “fatten them up.” Then, the scammer “butchers” that person by extracting every last bit of their money.

READ: How to avoid love scams

You might be part of a pig butchering scam without your knowledge.

Learn more about this rapidly spreading cybercrime so that you can keep yourself safe. 

Online security firm Aura recommends the following methods for avoiding pig butchering scams:

Remember that there is no such thing as “guaranteed returns.” All investment vehicles, such as stocks or crypto, involve risk, meaning you can lose money. 

READ: How to spot and avoid QR code scams

Consult professional financial advisors for proper advice in starting and growing your portfolio. 

If you’re a victim of a pig butchering scam, call the CICC’s Inter-Agency Response Center Hotline 1326.

The National Cybersecurity Alliance says “pig butchering” is a translation from the Chinese term “shu zhu pan,” which means “killing pig plate.” 

The “pig” refers to the victim that the scammer will “fatten up” so that the latter can siphon as much money as possible.

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China first identified these scams in the late 2010s. Fraud networks used them to target Chinese offshore gamblers. 

Nowadays, these fraudsters have expanded operations to perform pig butchering scams worldwide.

Scam networks perform these well-coordinated schemes by purchasing numerous phone numbers from data breaches and data brokers. 

Then, they usually conduct their pig butchering scams from their offices with the following steps:

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If the victim asks for their money back, the scammers may say they agree. Howeverphoenix game, they’ll claim they need more funding to handle “tax problems” or “brokerage fees.” 

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