Scams looking to separate people from their money are nothing new, just think about the "Nigerian prince" emails that were popular decades ago.
But scammers are always catching on and evolving. While you might not fall for someone claiming to be a Nigerian prince, you could be more susceptible to one of the modern-day scams, crafted to prey on our day-to-day vulnerabilities.
One of those types of scams is pig butchering. The amount of time and energy scammers put into pig butchering is a big part of what makes it so dangerous.
Get to know pig butchering scams
Pig butchering scams take bits and pieces from romance and investment scams to create a larger, lethal kind of scam.
Generally, scammers initiate contact through text messaging and claim to either be one of your old friends or someone who is looking for someone else.
Even if you politely brush them off, they'll look for reasons to continuously text you in the hopes of initiating a cordial friendship.
They don't ask for money straight up; they play the long game. They pretend to get to know you and go back and forth chatting to build a rapport weeks or even months before mentioning financials.
But when they do, they'll start by talking about some sort of insider investment opportunity that's only available for a limited time, and only if you download some app that you've usually never heard of before.
They'll get you "investing" small sums of money first, showing modest gains on your account in the hopes of persuading you to invest further.
Many people are tricked into investing hundreds and thousands of dollars with the advice of this "friend" they've been chatting with.
It's all a trap, though. Once you start sending over large sums of money, it's over.
The "friend" suddenly ghosts you, and for one reason or another your money you've put into the investment app is unable to be withdrawn. It’s been stolen.
Stay alert for pig butchering
The best defense is having knowledge and exercising it. Use your best judgement and self-control to avoid falling for a pig butchering scheme.
These fraudsters are great at creating urgency and getting people to let their guard down, so the best thing you can do is to be aware of your emotions and how the person on the other side of the conversation is making you feel.
Speaking up is important, too. If you think one of your friends or family members are caught in the throes of one of these scams, say something and say it without judgement. People are often immeasurably embarrassed when they fall for a pig butchering scheme, so it’s important for you to stick up for them and be someone they can rely on to confide in without judgement.