SHREVEPORT, La. (KTAL/KMSS) – A new scam is born every day, but cybersecurity experts are fighting back by arming bankers and those at risk with information about a fraud run by multinational cybercriminals called pig butchering.

The prevalence of pig butchering led to the creation of Operation Shamrock. This nonprofit provides education and training to disrupt these multinational, billion-dollar scams that target the elderly, burgeoning entrepreneurs, and newly minted millionaires, particularly those with large crypto coffers.

Cybersecurity expert Micki Boland said she learned about Operation Shamrock’s work at a professional conference where they explained the reach and scope of pig butchering.

What is pig butchering?

The bad guys range in scope and capability from really experienced cyber criminals to low-level scammers and vast international fraud networks, complete with a labor force that is often subject to trafficking and threats of violence if they refuse to partake in the scam.

“They’re being exploited, but they’re like, they will get beaten if they don’t get their quota. It’s terrible. It’s something everyone should know about,” Boland said.

Boland explained that these vast networks engage in a type of attack known as “pig butchering.” She said groups based primarily in Malaysia or the Philippines have become experts at this form of cyberattack.

“There are groups, I mean, literally tens of thousands of people behind keyboards in our mobile devices, basically just trying to exploit the targets that have already been social engineered,” Boland said. “They try to get them to give them money directly or send them money electronically. Transfer of bonds, or go out and buy gift cards and then give them the numbers for the gift cards.”

Sometimes they will try to schedule in-person meetings to extract money from the person, typically cryptocurrency. These scams particularly target the elderly, new entrepreneurs, or “million dollar babies,” specifically those who did well investing in crypto, who are looking to grow it and live their passive income dreams.

If you have withdrawn a large amount of money and were questioned by your banker, they were likely trying to determine if you were a victim of a scam in progress.

Boland said anyone who knows about these scams should be sharing info with everyone they know. She suggests that schools, churches, and other community groups locate resources to become better educated about the pervasive and diverse types of scams that bilk people of their hard-earned money daily.

1. Groom the victim – this begins on social networks, dating sites, and through unsolicited text messaging. Soon, the victim is encouraged to move to another platform, such as WhatsApp or Telegram. Over a period of weeks, the scammer takes time to get to know the person’s financial situation, family dynamics, and works to develop a deep emotional connection.
2. Introduce investment opportunities – scammers often will hint at one-in-a-lifetime investment opportunities and show images of a lavish lifestyle, expensive purchases, or experiences. Once they gain the victim’s trust, they introduce the investment opportunity, often linking it to their perceived success or wealth.
3. Establish credibility – scammers often share screenshots of investment dashboards or stories about friends or relatives who “know how it works” and have made massive profits, often accompanied by professional-looking documents and websites.
4. Starting small to ease doubts – to maintain the trust they’ve built, scammers will often allow a test of the platform using fake money and showing significant gains. Technical jargon is frequently used to add a touch of knowledge and authority.
5. Using psychological pressure – they will apply subtle pressure to secure larger investments. This may include a sense of urgency, indicating that the offer is only for a limited time. They may also exploit the newly formed bond by saying the relationship hinges on the investment
6. Drain the victim “the butchering stage” – as the victim invests more, the scammer insists on a higher dollar investment. If the victim attempts to withdraw their money, they are met with increased fees, account upgrades, or unexpected taxes in order to access the funds. By this point in the scam, people are usually so emotionally invested in the relationship that they cave to the scammers’ demands and keep investing. In many cases, by the time they’ve reached this step, they have borrowed money from friends, family, retirement, investment accounts, and sometimes even home equity.
7. Leaving the victim devastated – The scammer prepares to cut off contact as the victim invests more funds. This can happen suddenly, with the scammer disappearing entirely, or in stages, such as claiming the account has been “frozen” due to regulatory issues, requiring even more fees. In the end, the scammers take the money and run: They disappear, leaving victims with no way to contact them or recover their lost assets.

The best way to avoid becoming a victim of pig butchering or any other cyberscam is to ignore unsolicited contact from strangers online. If you do befriend someone, be wary of any requests to join WhatsApp, Telegram, or any other app with similar chat features to the social network you may have met them on. Don’t click any link sent to you. And adopt a zero-trust mindset while using social apps, checking emails, and receiving texts.

Also, ignore the sense of urgency. Any investment opportunity that doesn’t allow you time to make an informed, sound decision is probably too good to be true.