Global โข”Pig Butchering” Scams Rack Up Billions in Losses, Exploiting Online Connections
The Hague, Netherlands – A elegant wave of onlineโ investment fraud,โค dubbed “pig butchering,” is causing devastating financial and emotional harm worldwide, with estimated global losses โขranging from $75 to $80 โbillion in recent years. The scams, originatingโค largely from Southeastโข Asia โand increasingly spreading to West Africa, leverage โfabricated online personas and fake investment platforms to swindle victimsโค outโค of life savings, pensions, and more.
The scheme, detailed inโ recentโ investigationsโ by journalist West and outlined byโค Prosecutor Goldbeck,โ operates as a highlyโ organized “Crime-as-a-Service.” Fraudsters buildโฃ relationships with โvictims over months, frequently โenough through dating appsโ and โsocialโฃ media,โค feigning romantic interestโข or shared โคhobbies before subtly introducing fraudulent investment opportunitiesโ – 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 โฃbutchering’ is real:โค the photos in the chatsโ come from the Internet or fromโข image databases that you can buy. The messages follow scripts or come โฃfrom AI systems. The trading platforms are fake,” the report states. Service providers supply essential components for theโ scams, including fake social media accounts,โข deceptive apps,โ and โmoney โคlaundering networks.
Initially โtargeting โChinese communities, โขthe scams have expanded to encompass victims in Southeast โคAsia, โNorth America, and Europe, fueled by advancements in voice AI technology. Europol‘s 2025 management โreportโฃ warns that online fraud is poised to surpass โall othre forms ofโข organized economic crime,โค citing theโข unprecedented variety, reach, and sophistication of these systems.
The emotional toll on victims is immense. Many struggle with shame and fear โof admitting they were deceived, particularly when considerable sums are lost. “Many people don’t want to admit that they have beenโ cheatedโ on, that they haveโ been emotionally exploited,” explains Irisโฃ Kehrer. “And to a โcertain extent they areโ also afraid to open โup to โคtheir family because they have partly โขinvested their pension,โ their future.” The consequences can be catastrophic, with some victims experiencingโค depression, suicidal thoughts,โฃ and, tragically, suicide.
Authorities emphasize that reporting these crimes is crucial, though often delayed by victim’sโฃ shame, and recovery of funds is unlikely once the money has been laundered. The scams โgained meaningful momentumโข during โthe COVID-19 lockdowns, capitalizing on increased โonline interaction and a desire for connection.Large-scale scam centers, employing thousands, have emerged in Southeast Asia, highlighting the โscale and profitability of this criminal enterprise.
