Smart technology powering a wave of pig slaughter scams

Pig slaughter scams are getting more sophisticated – and more expensive – by the day.

A report found that criminals defrauded about $75 trillion from the victims. And just recently, a criminal organization in Asia was brought down, adding another $46 million to that figure.

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I have talked to many victims of pig slaughter. A guy called my national radio show because a woman DMed him on Facebook about a crypto investment. He gave him money and he did it note I want you to believe me when I told him he was getting up for the “slaughter”.

No wonder, AI is making these crimes much easier to commit. I’ve got the scoop on the latest tricks so you don’t fall for them.

The missing link

Pig slaughtering scams rely on a formula. It starts all lovey-dovey with promises of quick riches over months to “woo” you. Then, once they have your trust, they send you to the “slaughter” with a crypto or other financial scam.

In the past, these scammers said no to video chats, so you didn’t know that your new “girlfriend” or mysterious financial advisor is really a network of clever criminals.

Now, they have a good enough “deepfake” software to switch in real time. With just one click, the person on the other end of your video chat can change their appearance and “prove” they are who they say they are.

However, these cheats will not work without a strong internet connection. This is difficult to achieve in many of the countries where pig slaughter schemes originated. So choose that problem, fraudsters are buying Starlink satellite dishes.

The UN reports that 80 Starlink satellite units were intercepted in Southeast Asia between April and June this year. Thai police collected 58 devices in June alone. In another bust, law enforcement seized 10 Starlink satellites and almost 5,000 pre-registered SIM cards.

A real drain

“Crypto draining” is another growing fraud technique. The criminal sends a link to what looks and feels like a legitimate trading platform or service. You plug in your crypto credentials, and just like that, your money is redirected straight into a criminal’s wallet.

Crypto fillers are also all over social media. In a campaign that ran from March to December 2023, they saved $59 million from over 63,000 victims worldwide.

The chop shop

Pig slaughter schemes come in many shapes and sizes. Here are three wild stories that give a picture of what to look for.

Connect: A 70-year-old man from Colorado met a young woman on LinkedIn. When he told “Nicole” he was dreaming of a trip to Scotland, she directed him to a crypto trading website. Before long, he invested his retirement money and took out a second mortgage on his home.

The website indicated that he would double his money, but he could not make withdrawals and received a warning that his account was “flagged for illegal activity”. In the end, he lost his life savings… to the tune of half a million dollars.

Love is blind: A software developer from Santa Monica spent over two months chatting with “Jenny” on a dating app. Finally, Jenny shared an investment opportunity. What started with $1,000 in cryptocurrency grew to $740,000 in the end. A friend stepped in before the developer lost his home.

Absolutely disgusting: A widow in Illinois met an oil rig worker online. They made their “relationship” official, despite never meeting in person, and he started asking for money. The first time, it was $20,000 to repair a platform. He then asked for another $35,000. The requests continued and eventually, Erika sent him over $1 million.

The man Erika loved left her with a home equity loan, taxes on withdrawn retirement investments, and $400 in her name.

You see the bottom line in these stories, right? The criminal preys on someone’s trust to get to their wallet. You better believe that good-hearted people are the biggest targets.

What can you do to protect yourself?

Pig slaughter scammers are all over Facebook, LinkedIn, WhatsApp and dating apps like Tinder and Bumble.

I have six tips to avoid becoming a victim:

1.Do not respond to unsolicited texts: If it’s from an unknown number or social media account, nine times out of 10, it’s a scam. If they keep texting you after you tell them they have the wrong number, hit the “Block” button.

2.Do not mix business with pleasure: Be wary of anyone who is quick to declare strong feelings for you and then asks for money. Online dating and investing rarely intersect.

3.Don’t spread too much: This includes sharing personal or financial information via text, especially with people you’ve never met in person.

4.Do your homework: Even legitimate investment opportunities come with risk. Be suspicious of any claims of high profits with little or no downside. Major red flag.

5.It is never urgent: Don’t give in to the pressure of someone encouraging you to make a quick investment decision. If it’s a real possibility, it’ll be there next week; otherwise, it’s gambling beast.

6.Call a friend: When in doubt, get a second opinion about the situation or opportunity from someone you trust BEFORE you pull out your wallet.

Think you’ve been targeted? I know it’s hard to admit, but reporting it could save someone else’s life. You can file a report with the FBI through the Internet Crime Complaint Center (IC3).

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