PPOA Retiree Liaison
LASD retired
jschallert@ppoa.com
It’s called “pig butchering,” and all retirees need to be aware of this scam that could cost you your life savings.
A mass transfer of wealth from middle-class America to criminal gangs in Southeast Asia and other areas is currently taking place. This scam took $4 billion last year, up over 50% from the year before. All of you need to be aware of it and tell your friends.
The scam starts innocently with what appears to be an accidental text or Facebook message … “Hi, how are you?” or “Hi, is this Bill?” The victim responds to what appears to be an innocent mistake, usually saying it’s the wrong number, etc. But then the scammer continues with what appears to be an innocent conversation for months. They may send a harmless picture or Facebook message without anything from the victim, only casual friendship.
The scammer eventually presents the idea of investments. Maybe crypto. They often will use the victim’s loneliness as a weapon. The victim will eventually invest in what appears to be a legitimate investment, with an online app and everything. It will go well for months, maybe showing modest returns on the “app,” which usually makes the victim invest even more. Eventually, of course, the rug is pulled, the scammer disappears, and the app turns out to be fake, with the victim being drained of their life savings.
If you think this is going away or that you can get your money back, think again. According to online news sources, there are city-sized compounds in Southeast Asia where hundreds of scammers are forced into it. There are stories of forced labor and torture throughout. They are forced to work 16-hour days looking for victims. They use fake platforms that mimic legitimate cryptocurrency sites.
The scammers are usually drawn into the work by applying for IT jobs only to find out too late that they are kept hostage in these “camps.” This is a huge problem for both Americans and those victims abroad who are forced into the situation. But my mission is to educate retirees about the scam and how to avoid it.
Never answer unknown texts or messages on WhatsApp, Facebook, LinkedIn or even dating sites — basically any online platform. Block and report them, especially if they are from out of the country.
Do not invest in what you cannot confirm is a legitimate investment opportunity with someone you have never met in person.
Assume the online person you are talking to is not real. They may seem very nice and interested, but it is likely a scam.
If you do decide to actually send anyone your money on any app — (again, don’t!) — but if you do, call a trusted friend or relative and run it by them. Hopefully, they can convince you not to do it.
I am passionate about this because my father fell for a scam many years ago based in Nigeria (stop laughing; it’s true, and was very sad). I called him one day, and he said that I will have no more worries because my siblings and I were going to be rich! I was at his house in 10 minutes, asking him, “What did you do?!” I was able to extract him from the scam before his losses were extreme, but it still hurt. The Feds got involved and said the scam was based in the UK and Nigeria. There was no getting his money back. Many victims never even report the loss because of embarrassment. There is nothing to be embarrassed about! If you feel you are a victim, say something. If you want to know more about it, conduct an internet search on “pig butchering.” There have even been victims who have committed suicide after losing everything. It is so sad and so preventable.
In closing, please be careful. Many of you worked very hard for too many years to fall victim to this. They call it pig butchering because it’s a very slow fattening process until, finally, the pig is ready to be butchered.
Please keep the emails coming.