What is a pig butchering scam?
The term refers to how scammers “fatten up” victims before stealing their money. Criminals spend weeks or months building trust via friendly messages, social media interactions or seemingly coincidental connections. After rapport is established they introduce a “can’t-miss” investment opportunity — often presented as cryptocurrency or foreign-exchange trading on a convincing but fake platform. Victims may see fabricated returns on a dashboard and are encouraged to invest more until the scammer disappears and the funds are gone.
Why these scams are surging
Pig butchering scams have grown rapidly worldwide. Several factors contribute to the rise:
- Anonymity of cryptocurrency transactions makes recovery difficult.
- Globalized scam networks operate from regions with limited law enforcement cooperation.
- Social engineering tactics make victims feel they are making their own investment decisions.
Estimates indicate Americans lost billions to crypto investment fraud in 2024, with pig butchering cases accounting for a significant portion and rising year-over-year.
Warning signs to watch for
Recognizing red flags can prevent devastating losses:
- Unsolicited messages via text, social media or dating apps from strangers who quickly want to “stay in touch.”
- Conversations that pivot toward investment opportunities after gaining personal trust.
- Pressure to move funds into cryptocurrency or to a platform you’ve never heard of.
- Claims of unusually high, consistent returns.
- Resistance or delays when you try to withdraw funds.
How Customers Bank helps protect you
Although cryptocurrency platforms fall outside traditional banking, the principles of safe investing and account security still apply:
- Verify before you trust — Confirm legitimacy of investment opportunities through multiple reputable sources.
- Pause and consult — If an offer sounds too good to be true, speak with your financial advisor or our banking team before transferring funds.
- Monitor your accounts — Set up alerts and review account activity regularly.
- Report suspicious activity — Contact our team or law enforcement immediately if you suspect you’ve been approached by a scammer.
Fast facts: Pig butchering scams
What it is: A long-con investment scam — often using cryptocurrency — where criminals build trust over weeks or months before stealing funds.
By the numbers (2024–2025)
- $6.5 billion — Estimated U.S. losses to crypto fraud in 2024 (FBI)
- 40% — Year-over-year rise in pig butchering cases
- $5.5 billion+ — Global losses reported by blockchain security firms
Common red flags
- Unsolicited texts or social media messages
- Too-good-to-be-true investment returns
- Pressure to act quickly or invest more
- Difficulties withdrawing funds
Protect yourself
- Verify investment platforms before sending money
- Talk to a trusted advisor or banker before acting
- Report suspicious contact immediately
Final thoughts
Pig butchering scams prey on human trust and financial ambition. The best defense is vigilance, skepticism and a commitment to verifying opportunities before you act. Customers Bank is here to be your financial partner, providing guidance, resources and support to help you navigate an increasingly complex digital landscape.