Pig butchering scams are getting more sophisticated – and more costly – by the day. One report found criminals have swindled an estimated $75 billion from victims. And just recently, a criminal organization in Asia was taken down, adding another $46 million to that tally.
I’ve talked to lots of pig butchering victims. One guy called my national radio show because a woman direct-messaged him on Facebook about a crypto investment. He gave her money and did not want to believe me when I told him he was being set up for “slaughter.”
No surprise, artificial intelligence is making these crimes a lot easier to pull off. I’ve got the scoop on the latest tricks so you don’t fall for them.
Pig butchering scams rely on a formula. It starts all lovey-dovey with promises of quick riches over the course of months to “fatten you up.” Then, once they have your trust, they send you to “slaughter” with a crypto or other financial scam.
In the past, these scammers would say no to video chats so you didn’t know your new “girlfriend” or mysterious financial advisor is really a network of clever criminals. Now, they have deepfake software good enough to face-swap in real time. With just a click, the person on the other end of your video chat can change their appearance and “prove” they’re who they claim they are.
These scams, though, won’t work without a strong internet connection. That’s hard to come by in many of the countries where pig-butchering schemes originate. To solve that problem, crooks are buying Starlink satellite dishes.