Meta killed over 2 million accounts this year: Scammers were using them for pig-butchering schemes. The fake profiles lured victims into bogus investment traps. These scams mostly come from Asia, where 300,000 people have been forced to work for criminals. But why did Meta let 2 million scammers make accounts in the first place? Because they can’t “afford” to hire people since they only made $40.59 billion in the last quarter. Silly me.
Starlink is powering a new wave of pig-butchering scams
Pig-butchering scams are getting more sophisticated — and more costly — by the day. One report found criminals have swindled an estimated $75 billion from victims. And just recently, a criminal organization in Asia was taken down, adding another $46 million to that tally.
I’m sad to say I’ve talked to lots of pig-butchering victims. One guy called my show because a woman DMed him on Facebook about a crypto investment. He gave her money and did not want to believe me when I told him he was being set up for “slaughter.”
No surprise, AI is making these crimes a lot easier to pull off. I’ve got the scoop on the latest tricks so you don’t fall for them.
The missing link
Pig-butchering scams rely on a formula. It starts all lovey-dovey with promises of quick riches over the course of months to “fatten you up.” Then, once they have your trust, they send you to “slaughter” with a crypto or other financial scam.
In the past, these scammers would say no to video chats so you didn’t know your new “girlfriend” or mysterious financial advisor is really a network of clever criminals. Now, they have deepfake software good enough to face-swap in real time. With just a click, the person on the other end of your video chat can change their appearance and “prove” they’re who they claim they are.
These scams, though, won’t work without a strong internet connection. That’s hard to come by in many of the countries where pig-butchering schemes originate. To solve that problem, crooks are buying Starlink satellite dishes.
The U.N. reports 80 Starlink satellite units were seized in Southeast Asia between April and June of this year. Thai police rounded up 58 devices in June alone. In another bust, law enforcement picked up 10 Starlink satellites and almost 5,000 preregistered SIM cards. Wow.
A real drain
“Crypto draining” is another scamming technique on the rise. The criminal sends a link to what looks and feels like a legitimate trading platform or service. You connect your crypto credentials, and, just like that, your money is redirected right into a criminal’s wallet.
Crypto drainers are all over social media, too. In one campaign that ran from March to December of 2023, they got away with $59 million from over 63,000 victims worldwide.