Page 30 - WBG August 2024

What are Pig Butchering
FEATURE Scams and How Do They Work?

“Jessica” cost him one million dollars.
In an account to Forbes, one man described how he met “Jessica” “Jessica” walked him through several transactions on an app he
online.i Readily, they formed a friendship. Turns out, “Jessica” was was told to download. Small investments at first, yet increasingly
a great listener, particularly as he talked about the tough times larger. “Jessica” needed him to invest more and more, despite
he was going through. Through chats on WhatsApp, he shared his reservations. Yet his balance grew and grew each time he
the struggles of supporting his family and rapidly ailing father. followed her explicit directions.

The story telegraphs itself. Yes, “Jessica” was a scammer. Yet this Then, the trap sprung. Twice. In November, he logged into the
scam put a new twist on an old con game. The man fell victim app and found a negative balance close to half a million dollars.
to a pig butchering scam — a scam that weaves together long “Jessica” reassured him that he could get it back, and then some.
strings of messages, cryptocurrency, and bogus investment “Jessica” encouraged him to borrow. He did. From his bank and
opportunities. a childhood friend.
Many victims lose everything.
Soon, he was back up to nearly $2 million. Or so he thought.
“Jessica’s” victim broke down the scam, how it worked, and how In December, he logged into the app once again and found a
he got roped in. It began with an introductory text in October negative balance of $1 million. His savings and borrowed money
that spun into a WhatsApp transcript spanning 271,000 words. alike disappeared — straight into the hands of scammers.
Throughout, he shared his family and financial struggles. All the while, they manipulated the app with a plug-in that
fabricated financial results. His whopping gains were actually
Then, “Jessica” offered hope. Investments that would turn a fast massive losses.
buck.
28 W.A.D Beyond Global