"Hello, is this Anna?": Unpacking the Lifecycle of Pig-Butchering Scams
Rajvardhan Oak, Zubair Shafiq
TL;DR
This study provides the first victim-centered qualitative analysis of pig-butchering scams, revealing a structured seven-stage lifecycle that fraudsters use to build trust and progressively extract funds. Using 26 in-depth semi-structured interviews, the authors identify phases from the initial lure to emotional bonding, fake investment bait, platform-driven exploitation, and post-scam re-engagement through impersonation and recovery schemes. They show how sophisticated, credible-looking crypto platforms and social-proofs reinforce trust, alongside intense emotional manipulation and FOMO to escalate investments, sometimes over months. The work highlights substantial financial and psychological harm, obstacles to law enforcement reporting, and the need for platform, banking, and policy interventions, as well as the importance of rebranding the stigmatizing terminology to improve victim reporting and support.
Abstract
Pig-butchering scams have emerged as a complex form of fraud that combines elements of romance, investment fraud, and advanced social engineering tactics to systematically exploit victims. In this paper, we present the first qualitative analysis of pig-butchering scams, informed by in-depth semi-structured interviews with $N=26$ victims. We capture nuanced, first-hand accounts from victims, providing insight into the lifecycle of pig-butchering scams and the complex emotional and financial manipulation involved. We systematically analyze each phase of the scam, revealing that perpetrators employ tactics such as staged trust-building, fraudulent financial platforms, fabricated investment returns, and repeated high-pressure tactics, all designed to exploit victims' trust and financial resources over extended periods. Our findings reveal an organized scam lifecycle characterized by emotional manipulation, staged financial exploitation, and persistent re-engagement efforts that amplify victim losses. We also find complex psychological and financial impacts on victims, including heightened vulnerability to secondary scams. Finally, we propose actionable intervention points for social media and financial platforms to curb the prevalence of these scams and highlight the need for non-stigmatizing terminology to encourage victims to report and seek assistance.