Meta has taken a major step against online scams by removing over two million accounts involved in something called “pig butchering” scams. These scams are elaborate fraud schemes where criminals build fake relationships online to trick people into investing money in bogus plans, often involving cryptocurrency.
What’s Pig Butchering?
The term might sound odd, but it describes how scammers “fatten up” their victims by gaining their trust before taking all their money. It usually starts with a friendly message on social media, a dating app, or even a random text. The scammer pretends to be a genuine person and slowly convinces the victim to invest money in what looks like a profitable scheme. At first, they may let the victim withdraw small amounts to build trust, but eventually, they disappear with everything.These scams are run by organized crime groups, mostly based in Asia. Criminal compounds in countries like Cambodia, Laos, and Myanmar recruit people with fake job ads, promising great opportunities. But once hired, workers are trapped and forced to scam others under the threat of violence.
It’s a global problem. A report in 2023 estimated that these criminal groups have forced around 300,000 people worldwide into scamming others, stealing about $64 billion a year.
