What is a Pig Butchery Scam?

Pig butchery scams, while not as common as your run-of-the-mill phishing attempts, are a real threat to organisations and individuals alike. So named in reference to the practice of fattening a pig before slaughter, these scams often involve fraudsters contacting targets, then gaining trust before ultimately manipulating their victims into phony investments and disappearing with the funds.

How do these scams work?

In a pig butchery scam, the initial contact with the victim is often unsolicited and can take several forms. Scammers may start with a phone call or an email, using a casual greeting, or pretending to have a prior connection with the victim. They can also use other forms of communication such as SMS texting or social media platforms. In some cases, they may even use the name of a real company or individual, making the scam appear more authentic.

Pig butchery scams often take the form of cryptocurrency schemes, but they can also involve other types of financial trading. The scammers will typically present themselves as successful cryptocurrency investors and try to convince the victim to invest as well, often suggesting that they can make a lot of money quickly.

How do you avoid these scams?

To avoid becoming a victim of a pig butchering-type scam, watch for these red flags and know how to protect yourself:

Always verify the identity of the person or company you are dealing with, and never make payment without receiving proper documentation or confirmation. Additionally, if you suspect you have been scammed, report it to the appropriate authorities as soon as possible.

If an investment seems too good to be true… It normally is.

GoldPhish educates end-users on the cyber threat and helps build more secure organisations with awareness training and simulated phishing.

Get in touch for more information: info@goldphish.com