Everything You Need to Know About Pig Butchering Scams

Problems with cybersecurity can really sink your business. Unfortunately, more opportunists are out there today looking to profit off of business’ lack of vigilance. One example of this are large-scale scam operations that have been running in Southeast Asia, and they are now spreading to other parts of the world. These scams, called "pig butchering" scams, have caused major harm, with around $75 billion lost worldwide in 2023.

Let’s break down what pig butchering scams are:

What is Pig Butchering?

Just like farmers fatten pigs to prepare them for market, pig butchering scams involve scammers "grooming" a victim over time. They build a fake online relationship, often romantic, with the target. Once the target is emotionally attached, the scammer asks them to send cryptocurrency, claiming they need help.

The victim sends the money, only to realize the scammer has disappeared, and their "relationship" was a lie.

Victims are left devastated, and to make matters worse, many of the people running these scams are victims themselves, kidnapped and forced to scam others in exchange for a false promise of freedom.

These operations have spread beyond Southeast Asia to many other places. Dubai has become a hotspot for these scams due to its large international migrant population. Scammers use this group as an easy target, trapping people in these schemes.

Africa is also seeing a rise in these scams, especially in Nigeria and other countries, where gangs have started using similar tactics. With pre-made scam kits available for purchase, it's become easier than ever to run these operations.

Scam centers have been found in places like Georgia, Peru, Sri Lanka, El Salvador, and the Isle of Man. This means the chances of being targeted are growing.

How to Protect Yourself and Your Team

Pig butchering scams usually target individuals, but it's important to make sure your team is aware of these threats. A scammer could potentially convince someone to access your company's financial accounts.

Ensure your team understands how phishing, spoofing, and other scams work. Scammers can easily use images and videos they find online to trick people—especially now that AI is involved. Teach your team to recognize and protect against these types of cyberattacks.

This preparation is key to protecting your business from cyberthreats, and we can help. Contact us at (02) 8825-5555 to learn more about securing your business.