Major tech companies, including Meta, are intensifying efforts to combat the growing problem of “pig butchering” scams, which have cost Americans billions of dollars in recent years. These elaborate fraud schemes typically involve scammers building fake online friendships or romantic relationships with victims, then luring them into fraudulent cryptocurrency investments. Over time, victims are convinced they are on the path to wealth, often losing their entire savings before realizing they’ve been scammed.
Meta announced on Thursday that it has taken significant steps to address this issue, including deploying specialized staff to identify scam activity, working with international law enforcement, and removing over 2 million scam-related accounts from its platforms in 2024. The company also revealed plans to flag potential scam messages on Facebook Messenger, Instagram DMs, and WhatsApp, alerting users to suspicious interactions.
Pig butchering scams have surged in recent years, with victims losing a record $4 billion in crypto investment fraud, as reported by the FBI in September. The actual losses are likely much higher, as many victims do not report scams. These scams often begin on dating apps or social media platforms, where victims are introduced to scammers who then direct them to messaging apps like Telegram, which is less regulated and has been slow to cooperate with law enforcement.
Meta’s efforts are part of a broader industry response, with several tech companies, including Meta, Match Group (owner of Tinder and Hinge), and cryptocurrency platforms, coming together in a coalition called Tech Against Scams. The coalition aims to share information about scammers and improve public awareness, with the goal of reducing the impact of these criminal networks.
(META) In addition to disrupting scam centers, teams across Meta are constantly rolling out new product features to help protect people on our apps from known scam tactics at scale. For example, we will show you a warning in Messenger and Instagram DMs reminding you to be aware of potentially suspicious interactions or cold outreach from people you don’t know, so you can slow down and review before accepting a message request. On WhatsApp, if you’re added to a group chat by someone you don’t know, you’ll now see a context card giving you more information about the group.
Jeff Lunglhofer, CIO of cryptocurrency exchange Coinbase, noted that while the problem is complex and evolving, collaboration across tech companies is crucial for tackling this cross-platform threat. Scammers often use sophisticated techniques, such as leveraging AI tools like ChatGPT to create convincing messages and social media posts, further complicating efforts to track and prevent scams.
Despite the increased efforts, some critics argue that tech companies have been too slow to respond to the scale of the problem. Jake Sims, co-founder of Operation Shamrock, a global scam-fighting coalition, criticized the tech industry’s approach as reactive rather than proactive. He argued that more urgent measures are needed to address the widespread criminal activity, which continues to escalate despite heightened awareness.
In addition to disrupting scam networks, Meta is rolling out new product features designed to protect users. On Messenger and Instagram, users will now receive warnings when receiving unsolicited messages from strangers. On WhatsApp, if users are added to a group chat by someone they don’t know, the app will provide more context about the group, including who created it and when it was formed.
Meta’s collaboration with law enforcement and industry peers aims to disrupt scam centers, particularly those operating in Southeast Asia, where organized crime syndicates often control large-scale fraud operations. These scam centers force workers to engage in various online fraud schemes, including pig butchering, under threat of violence. The scale of the issue is staggering, with criminal organizations responsible for stealing an estimated $64 billion globally in 2023 alone.
(Source : United States Secret Service) Be cautious of random messages received via text or messaging apps from unknown numbers that attempt to strike up a friendly conversation with you.
Red flags include perceived “friends” or “romantic partners” who you have met online but who can seemingly never meet in person and avoid showing themselves on video calls.
Shield yourself from scenarios in which you are encouraged to open an account on a cryptocurrency training platform and to transfer funds from your bank account to invest in cryptocurrency projects. Never share personal financial information with individuals you have not met in person.
Warning signs that you are a victim of a scam also include notifications, messages, or websites indicating that you have made large amounts of money in a short time period.
As part of its ongoing efforts, Meta continues to work closely with law enforcement and other tech companies to identify and dismantle scam networks, sharing information and resources to protect users and bring criminals to justice.
With tech companies ramping up their efforts, the fight against pig butchering scams is intensifying, but experts warn that more must be done to protect vulnerable individuals from these sophisticated fraud schemes.
