Blog

What is a pig butchering scam and how it works

Your company could be in danger and you don’t even realize it. Whether you’re a CEO, manager, or founder of a company, you’ll want to know all about pig butchering scams.

Unfortunately, in recent years, pig butchering scams have become a common sophisticated way to prey on unsuspecting victims.

Pig butchering is a widespread form of social engineering. In other words, these scammers use psychological manipulation to trick people into sharing sensitive information, providing access to restricted areas or systems, or taking some other action that may be harmful to themselves or their organization.

What’s the best way to avoid these types of text scams? Getting educated about them and making sure your company’s technology (as well as tech policies) is up-to-date.

Let’s get right into the information you need…

What is pig butchering?

Pig butchering is a type of scam where the attacker slowly builds trust with the victim over time. It typically starts as a text scam, but a victim could also be reached through cold-calling, social media platforms, or dating sites.

They’ll chat with the victim, sometimes for weeks or even months, and establish a connection. Some of the tactics they use to make this connection seem real include mirroring the victim’s language and interests, showing empathy, and using flattery.

Eventually, the scammer can bring up an idea. For instance, they know how to make money through cryptocurrency investing. They may suggest the victim transfer money into bogus financial accounts, which they can then access and drain. When asking this of their victims they often try to create a sense of urgency and scarcity to really convince their victims.

It’s like fattening up a pig before butchering it—hence the name!

This sounds easy to avoid… So, how are people falling for these types of scams?

Well, they’re getting increasingly more sophisticated! These online “pig butchers” continually improve their tactics, with their operations becoming more organized and complex.

For instance, some pig butchers have even created fake customer service lines to convince their victims that they are legitimate businesses. Additionally, some have established entire call centers and hired people to impersonate customer service representatives.

Let Swift Chip help you with your cyber security so you can stress less!

Why are pig butchering scams such an issue?

One of the major issues with pig butchering is that victims may not realize they’re being scammed until it’s too late. By the time they realize something is wrong, the scammers have already drained their accounts, leaving them with no way to recover their funds.

Think about what this means for victims of pig butchering scams! Falling prey to a pig butchering scam will impact people differently. Most of the time we’re talking about the financial implications. But victims could also suffer emotional and psychological consequences.

Avoiding pig butchering scams

So, how can you avoid falling victim to pig butchering?

First and foremost, be aware of the signs of the scam. If someone cold-calls or messages you claiming to have made a lot of money through cryptocurrency investing, be wary. Don’t give out personal information or transfer money into any financial accounts without verifying their legitimacy.

How can hiring an IT company help?

Now, you might be thinking, “How can I possibly keep up with all the latest tech trends and stay ahead of these scams?” 

Well, the good news is that you don’t have to. By hiring an IT company, you can ensure that your company’s tech is up-to-date and secure. An IT company can help you implement the latest cyber security measures and keep your employees informed about potential scams like pig butchering.

Keep your company away from scams

Now you know!

Pig butchering is a serious issue that can have serious negative impacts on your business and employees. By being aware of the signs of the scam and educating your employees, you can reduce the likelihood of falling victim to this type of scam. 

Additionally, hiring an IT company can help ensure that your company’s tech is up-to-date and secure, giving you one less thing to worry about. Talk to Swift Chip about your company’s tech! We’re here to help.