‘Pig Butchering’ Online Scams Are Proliferating. Here’s Why They Work So Well.
Kanebridge News
    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,819,323 (-0.47%)       Melbourne $1,088,658 (+0.27%)       Brisbane $1,225,635 (-1.14%)       Adelaide $1,091,608 (-0.20%)       Perth $1,088,081 (+1.27%)       Hobart $834,316 (-0.57%)       Darwin $914,408 (+1.58%)       Canberra $1,053,420 (-2.20%)       National Capitals $1,208,360 (-0.36%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $816,136 (-0.00%)       Melbourne $533,413 (-0.40%)       Brisbane $854,281 (-0.07%)       Adelaide $587,454 (-4.69%)       Perth $649,708 (+4.84%)       Hobart $555,595 (+0.36%)       Darwin $500,445 (+2.11%)       Canberra $482,643 (-2.14%)       National Capitals $650,585 (+0.06%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 11,059 (+788)       Melbourne 13,016 (+1,139)       Brisbane 5,808 (+1)       Adelaide 2,129 (+68)       Perth 4,305 (+51)       Hobart 842 (+40)       Darwin 100 (+3)       Canberra 1,041 (+60)       National Capitals $38,300 (+2,150)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 8,244 (+345)       Melbourne 6,277 (+235)       Brisbane 1,140 (+70)       Adelaide 327 (+14)       Perth 901 (+19)       Hobart 157 (+7)       Darwin 173 (+8)       Canberra 1,192 (+46)       National Capitals $18,411 (+744)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $820 ($0)       Melbourne $580 ($0)       Brisbane $680 (-$15)       Adelaide $640 ($0)       Perth $730 ($0)       Hobart $580 (-$20)       Darwin $750 ($0)       Canberra $720 (-$10)       National Capitals $697 (-$5)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $800 ($0)       Melbourne $600 (+$10)       Brisbane $675 (-$2)       Adelaide $530 (-$10)       Perth $695 (-$5)       Hobart $520 (+$20)       Darwin $610 (-$30)       Canberra $580 (-$5)       National Capitals $638 (-$5)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 6,016 (+7)       Melbourne 7,580 (-57)       Brisbane 4,087 (-224)       Adelaide 1,589 (+5)       Perth 2,322 (-22)       Hobart 213 (+2)       Darwin 83 (0)       Canberra 446 (-31)       National Capitals $22,336 (-320)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 8,935 (-284)       Melbourne 6,331 (-88)       Brisbane 2,151 (-79)       Adelaide 469 (-4)       Perth 630 (-3)       Hobart 78 (-11)       Darwin 151 (+4)       Canberra 598 (-51)       National Capitals $19,343 (-516)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.34% (↑)        Melbourne 2.77% (↓)       Brisbane 2.89% (↓)     Adelaide 3.05% (↑)        Perth 3.49% (↓)       Hobart 3.61% (↓)       Darwin 4.27% (↓)     Canberra 3.55% (↑)        National Capitals $3.00% (↓)            UNIT ANNUAL GROSS YIELDS AND TREND       Sydney 5.10% (↑)      Melbourne 5.85% (↑)        Brisbane 4.11% (↓)     Adelaide 4.69% (↑)        Perth 5.56% (↓)     Hobart 4.87% (↑)        Darwin 6.34% (↓)     Canberra 6.25% (↑)        National Capitals $5.10% (↓)            HOUSE RENTAL VACANCY RATES AND TREND       Sydney 1.4% (↑)      Melbourne 1.5% (↑)      Brisbane 1.2% (↑)      Adelaide 1.2% (↑)      Perth 1.0% (↑)        Hobart 0.5% (↓)       Darwin 0.7% (↓)     Canberra 1.6% (↑)      National Capitals $1.1% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 1.4% (↑)      Melbourne 2.4% (↑)      Brisbane 1.5% (↑)      Adelaide 0.8% (↑)      Perth 0.9% (↑)      Hobart 1.2% (↑)        Darwin 1.4% (↓)     Canberra 2.7% (↑)      National Capitals $1.5% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND         Sydney 36.0 (↓)       Melbourne 38.0 (↓)       Brisbane 34.4 (↓)       Adelaide 32.6 (↓)     Perth 42.2 (↑)        Hobart 33.7 (↓)       Darwin 47.9 (↓)       Canberra 34.1 (↓)       National Capitals $37.3 (↓)            AVERAGE DAYS TO SELL UNITS AND TREND         Sydney 33.9 (↓)       Melbourne 39.6 (↓)       Brisbane 30.7 (↓)       Adelaide 26.8 (↓)     Perth 41.3 (↑)        Hobart 29.6 (↓)     Darwin 30.9 (↑)        Canberra 43.3 (↓)       National Capitals $34.5 (↓)           
Share Button

‘Pig Butchering’ Online Scams Are Proliferating. Here’s Why They Work So Well.

It starts with an unsolicited text message. And then it’s all about gaining the victim’s trust.

By Wall Street Journal
Mon, Aug 19, 2024 9:12amGrey Clock 5 min

Do you get unsolicited text messages from people you don’t know? Be forewarned: If you respond, you could be falling for a particularly dangerous online scam that has found victims around the world. Some unfortunate individuals have lost millions of dollars.

There is even a name for it. Pig butchering. Victims are fattened up, made to trust the scammer and think they are making tons of money, until they are mercilessly taken—sometimes for everything they have.

On June 6, at the WSJ Tech Live: Cybersecurity conference in New York City, two cybercrime experts sat down with Wall Street Journal reporter Robert McMillan to discuss how pig butchering works and what is being done about it. The participants were Troy Gochenour,  an investigator with the Global Anti-Scam Organization, a nonprofit that helps victims and raises public awareness of scams, and Jamil Hassani, a supervisory special agent with the Federal Bureau of Investigation. An edited transcript of their conversation follows.

How the scam works

WSJ: Why “pig butchering”?

GOCHENOUR: It’s not our term. In Chinese, it is shā zū pán , or pig-killing plate. What makes this scam so effective is they want to build trust so that you might think they could be a potential love interest or a business partner. Once they built that trust, then they will start talking about how they’ve made a lot of money in cryptocurrencies and how the victim could, too.

WSJ: It’s a variation on the romance scam. Instead of asking for money to buy a plane ticket, they propose to make money together?

HASSANI: Absolutely. The rise in cryptocurrency has opened the door for these scammers to take your money instantaneously. There are no third parties doing the reconciliation. If you do a regular wire transfer and you contact the FBI within 72 hours, chances are we can get that money back for you. But with crypto, it’s almost immediate and it’s gone.

WSJ: Are you seeing more pig butchering because of the rise of crypto?

HASSANI: Absolutely. The rise since 2019 for victimization is almost 2,000%.

WSJ: Why does it work?

GOCHENOUR: The social-engineering aspect is very powerful. I have stories that are very sad: folks who have been warned that they’re getting scammed, and yet, because they’ve been socially engineered so much, they actually continue to invest.

They’re looking for everybody, but they prefer people with titles—doctor, dentist, IT professional, CEO. I follow them on the communications platform Telegram, so I have a lot of their training documents, manuals on how they build those relationships. This is an entire industry tied to largely Chinese organized crime.

The victim’s psychology

WSJ: Jamie, psychologically speaking, why does this work?

HASSANI: I remember arresting a hacker out of Tunisia. A 19-year-old kid that was able to bypass levels of security within the Department of Defense, took down a few banks and was wreaking havoc across the world. He explained to me: “Hackers are stupid. They go after the systems, when human beings have way more vulnerabilities. They have the keys to the treasure chest. And it’s so easy to turn off their mental firewall.”

Try to think of a time you were in a relationship where the threat of your spouse or significant other leaving caused you to do pretty much anything to keep them around. Every scam evokes an emotion. It could be love, fear, panic. Your ability to critically think is shut off.

WSJ: Sometimes when I’ve talked to scam victims, it’s like the more they have invested, the harder it is for them to believe they have been taken.

HASSANI: It’s the stigma. The victims can’t fathom that they could have been so stupid, quote unquote. So they hold on to this hope that it had to have been real, the love had to have been there, or the trust, because they’re texting every day, 30 to 100 times. The scammers use information they glean from your communications and social media to validate you in a way that no one else can.

WSJ: If you suspect or know somebody is a victim, is there something you can say that will snap them out of it?

GOCHENOUR: Unfortunately, people are people. We’ve had victims we’ve warned more than once, and they continued to give.

The United Nations Office on Drugs and Crime says there could be as many as a couple hundred thousand of these scammers operating throughout Southeast Asia.

HASSANI: A lot of these scammers are trafficked human beings. When a human being is subjected to that kind of circumstance, their will to succeed is intense, because their life, or their family’s life, depends on it. They are constantly fine-tuning strategies, and trying to stay one step ahead of whoever is closest on their tail. These scammers contribute something like half of their country’s GDP, so the local government’s not going to do much.

WSJ: The FBI knows who’s running these scams, largely?

HASSANI: Yes, absolutely.

WSJ: Can you get them?

HASSANI: There are no treaties between those specific countries and the U.S. We’ve taken steps. We work with multiple organizations, including the Secret Service, Department of Homeland Security, and we’re applying pressure on these countries to start to take action.

The first approach

WSJ: There are different layers of operators; some do the texting, others do the talking and then there are the video calls.

GOCHENOUR: Sure. So if you get that wrong number, the text to your phone, you respond, saying wrong number. I’m not Paul. Jane. Whoever. They say, oh, so sorry. Uh, my assistant gave me your number. I hope I’m not bothering you.

Sometimes they even send you a picture. That sounds interesting. So you continue to talk. Oh, what’s your name? Where do you live? What do you do?

They’re looking for a weakness. Are you single? Oh, weakness might be romance. Oh, you’re in business. I could be your business partner. But they also want to know what kind of assets they can take from you.

On their Telegram pages, I’ve seen screenshots of their chats. They can chat in Chinese, and it shows up to you as your native language. And when you chat back it shows up to them in Chinese. At the top, it would say your first name, maybe your age, two homes, 401(k).

As you continue to chat, you’re actually being sent to multiple people chatting with you on this one account. You may not even recognize it. They are all in the compound. Everything they do is monitored. So if that person is there against their will, if they don’t chat with you to lure you in, they could get beaten.

What can be done?

WSJ: This scam involves legitimate organizations as well, right? Cryptocurrency companies, the messages come on legitimate apps. What can be done to mitigate this?

HASSANI: Until a collective strategy is put together, you need to be aware of the red flags. And the first one is unsolicited contact. We’ve all gotten that text message, “hi.” That message has a fundamentally different feeling to somebody who is elderly and widowed and lonely. When they see “hi,” that has a profound impact on them.

If you get an unsolicited contact, ask questions. If they want you to invest in cryptocurrency, do a little research on the site. Is this website legit? Some are legitimate and registered with, say, the Treasury Department’s Financial Crimes Enforcement Network or the Securities and Exchange Commission.

WSJ: Some of the scam sites actually register.

HASSANI: True. Most of them aren’t registered with the SEC, but a lot are.

GOCHENOUR: In 2021, 2022, they were using apps like MetaTrader 5 or 4, a foreign-exchange trading app. It’s legitimate. You could go on this app and think you’re doing something legitimate, but you’re sending money to their scam broker website.

WSJ: Why can’t you stop these guys?

HASSANI: They’ll have one major domain with multiple subdomains, so to speak. So as soon as we take that website down, another one pops up. Our strategy is to go after the kingpin.

WSJ: Have you hit any kingpins yet?

HASSANI: We have. The indictments, a lot of them are still under seal. But tech-support scams are a big part of this. We took down three tech-support buildings near Kolkata less than a year ago.

WSJ: All connected to pig butchering?

HASSANI: Yes, and they do the same thing—traffic human beings to scam.

WSJ: Scammers use services like WhatsApp, and the money gets sent to them often through a legit crypto company. Could the tech companies be doing more here?

GOCHENOUR: The tech companies and the exchanges are doing more. And I know that because when I follow the scammers on their chats, they talk about, “Why can’t I get this money? The victim put it in the account, but I can’t get it. What’s going on?”



MOST POPULAR

Powerhouse real estate couple Avi Khan and Kaylea Sayer welcome their daughter while balancing record-breaking careers, proving success and family can grow side by side.

Warmer minimalism, tactile materials and wellness focused layouts are redefining luxury interiors as homeowners design for comfort, connection and lasting appeal.

Related Stories
Money
Pinterest Tumbles as Advertiser Pullback Weighs on Fourth-Quarter Earnings, Guidance
By ELIAS SCHISGALL 13/02/2026
Money
The AI Boom Is Coming for Apple’s Profit Margins
By ROLFE WINKLER & YANG JIE 02/02/2026
Money
Louis Vuitton Owner LVMH Closes Year-End Quarter With Weak Sales Growth
By MAURO ORRU 28/01/2026
Pinterest Tumbles as Advertiser Pullback Weighs on Fourth-Quarter Earnings, Guidance

The social-media company’s revenue increased 14%, falling short of estimates.

By ELIAS SCHISGALL
Fri, Feb 13, 2026 2 min

Pinterest shares tumbled after the company projected that revenue growth would slow in the first quarter, amid an advertiser pullback that weighed on its fourth-quarter earnings.

Shares slid 18.5% to $15.10 in after-hours trading after closing the market session down 2.9% at $18.54.

Pinterest reported a 14% increase in fourth-quarter revenue to $1.32 billion, up from $1.15 billion a year earlier, but short of analysts’ estimate of $1.33 billion, according to FactSet. The company posted 17% revenue growth in the third quarter.

The company expects growth to decelerate further in the current first quarter, projecting growth between 11% and 14%. It’s forecasting revenue between $951 million and $971 million.

Chief Executive Officer William Ready said the company needs to broaden its revenue mix and accelerate sales going forward.

“We are not satisfied with our Q4 revenue performance and believe it does not reflect what Pinterest can deliver over time,” he told analysts on a call Thursday. “We are moving with urgency to return over time to the mid-to-high-teens growth, or better than what we have been consistently delivering.”

Pinterest on Thursday recorded a profit of $277.1 million, or 41 cents a share, compared with its profit of $1.85 billion, or $2.68 a share, a year earlier. The $1.85 billion profit in 2024 included a $1.6 billion benefit from deferred tax assets.

Stripping out certain one-time items, Pinterest logged adjusted earnings of 67 cents a share, in line with analyst expectations, according to FactSet.

Ready said the company continues to see headwinds from larger retailers pulling back on advertising spending to protect their margins amid the impact from President Trump’s tariffs.

“We saw continued softness from this cohort of large retailers,” Ready said. “While we see opportunity over the long term, the near-term outlook for this cohort on our platform remains pressured given these headwinds.”

Ready said the company has expanded its footprint among mid-market and small-to-medium business advertisers, as well as international businesses. Still, he said Pinterest had a ways to go to offset the headwinds from larger advertisers, which may become even more pronounced in the current quarter.

Chief Financial Officer Julia Donnelly added that the company is looking to increase its investments in sales and research and development related to artificial-intelligence following the launch of its restructuring effort in January. Pinterest said last month that it would cut about 15% of its workforce, or approximately 700 jobs.

 

MOST POPULAR

Many of the most-important events have slipped from our collective memories. But their impacts live on.

From office parties to NYE fireworks, here are the bottles that deserve pride of place in the ice bucket this season.

Related Stories
Property
Revealed: Where property values will grow the most in 2026 
By Staff Writer 28/01/2026
Property
MELBOURNE HOUSING POISED FOR CYCLICAL RECOVERY IN 2025–26
By Staff Writer 30/09/2025
Lifestyle
A New iPhone Is Coming. Should You Upgrade or Just Fix Your Old One?
By NICOLE NGUYEN 01/09/2025
0
    Your Cart
    Your cart is emptyReturn to Shop