The latest phenomenon in the world of investment scams has a rather unusual yet striking name. ‘Pig-butchering’ scams. It was reported this week that scammers are conning Brits out of their life savings from scam companies based in ‘prisonlike’ compounds in South-East Asia.
Thousands of crypto investors across the world have been defrauded out of hundreds of millions of pounds, by “pig butchering” scams. This is where victims are emotionally manipulated and their accounts inflated before being completely drained.
What does the phrase ‘pig-butchering’ mean?
‘Pig butchering’ scams originated in China. The name was adopted because of an approach in which attackers essentially fatten victims bank balances up and then take everything they’ve got.
The clever part of this scam is that these scammers go after very intelligent, often savvy people and convince them to invest in sophisticated crypto schemes. These are not your standard text scams riddled with spelling mistakes. These are well thought out scams that appear sophisticated but are fake. At first, it appears investors are making good returns, before their money disappears.
Over the course of days or even months, scammers might send you messages about personal, non-investment-related topics. They might try to gain your trust by sending pictures, talking about things that show their good character. What’s more is they may Even share false life details that mirror your own. Any information that they can then use against you down the line, to get you to part with your money.
These crimes are so large scale, that the National Crime Agency (NCA) is among the global agencies trying to combat them. With no luck so far.
An NCA spokesperson said: “Serious and organised criminals are opportunists and will always adapt – exploiting digital currency marketplaces is no exception.
“Crypto assets are more frequently being reported as an enabler to serious and organised crime.”
To add insult to injury, the perpetrators of these pig-butchering crimes is a grey area. It has been reported that tens of thousands of people, acting as frontline scammers, are believed to have been trafficked. From regions in Asia, Africa, South America and Eastern Europe. Being held against their will in the militirised complexes, forced to commit these crimes or face abuse and torture. Truly horrid. With this in mind; the stakes are high for them…and for you.
Warning Signs of Pig-Butchering Scams
- Unexpected contact
- Refusal to speak in video chats
- Request for financial information
- Unknown or confusing investment opportunity
- Unfamiliar trading platforms
- Exaggerated claims and heightened emotions
- Sense of urgency about a news announcement or share price increase
If you are the victim of an investment scam, or think you are about to be: call us now, without reservation, on 0207 504 1300 for a free consultation with one of our advisors.
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