Global ”Pig Butchering” Scams Rack Up Billions in Losses, Exploiting Online Connections
The Hague, Netherlands – A elegant wave of online investment fraud, dubbed “pig butchering,” is causing devastating financial and emotional harm worldwide, with estimated global losses ranging from $75 to $80 billion in recent years. The scams, originating largely from Southeast Asia and increasingly spreading to West Africa, leverage fabricated online personas and fake investment platforms to swindle victims out of life savings, pensions, and more.
The scheme, detailed in recent investigations by journalist West and outlined by Prosecutor Goldbeck, operates as a highly organized “Crime-as-a-Service.” Fraudsters build relationships with victims over months, frequently enough through dating apps and social media, feigning romantic interest or shared hobbies before subtly introducing fraudulent investment opportunities – frequently involving cryptocurrency. These opportunities appear legitimate,bolstered by fake profiles,AI-generated messages,and meticulously crafted,yet entirely fabricated,trading platforms.
“Nothing in ‘pig butchering’ is real: the photos in the chats come from the Internet or from image databases that you can buy. The messages follow scripts or come from AI systems. The trading platforms are fake,” the report states. Service providers supply essential components for the scams, including fake social media accounts, deceptive apps, and money laundering networks.
Initially targeting Chinese communities, the scams have expanded to encompass victims in Southeast Asia, North America, and Europe, fueled by advancements in voice AI technology. Europol‘s 2025 management report warns that online fraud is poised to surpass all othre forms of organized economic crime, citing the unprecedented variety, reach, and sophistication of these systems.
The emotional toll on victims is immense. Many struggle with shame and fear of admitting they were deceived, particularly when considerable sums are lost. “Many people don’t want to admit that they have been cheated on, that they have been emotionally exploited,” explains Iris Kehrer. “And to a certain extent they are also afraid to open up to their family because they have partly invested their pension, their future.” The consequences can be catastrophic, with some victims experiencing depression, suicidal thoughts, and, tragically, suicide.
Authorities emphasize that reporting these crimes is crucial, though often delayed by victim’s shame, and recovery of funds is unlikely once the money has been laundered. The scams gained meaningful momentum during the COVID-19 lockdowns, capitalizing on increased online interaction and a desire for connection.Large-scale scam centers, employing thousands, have emerged in Southeast Asia, highlighting the scale and profitability of this criminal enterprise.
