As unromantic as it may sound, “pig butchering” is quickly becoming one of the most alarming and sophisticated financial scams out there, luring victims with promises of love, long-term companionship, and, of course, wealth.
The BankservAfrica Fraud Intelligence Conference, held on 13 February, delved into romance scams – one of the fastest-growing fraud typologies in South Africa.
With a packed agenda and focused discussions led by industry thought leaders and policymakers, the conference aimed to unmask the AI-enabled dark side of digital love scams and explore how the industry can take a unified approach to address and combat this rising threat.
Online dating has become an increasingly popular way for South Africans to make romantic connections. According to research platform Statista, the local online dating market is expected to generate R233.51 million in revenue this year. User penetration (the portion of the population using these services) is projected to reach 8.7% in 2025 and 11.2% by 2029.
However, this rise in digital romance has also led to an increase in scams targeting people on dating platforms. In 2022, South Africans lost more than R125m to online dating scammers, according to the Council for Scientific and Industrial Research (CSIR).
BankservAfrica highlights that romance scams have evolved dramatically over the years, shifting from the “classic love con” on dating sites to elaborate schemes on popular social media and messaging apps. These scams create the illusion of a genuine connection but are ultimately designed to steal and cause harm.
With the rise of Artificial Intelligence (AI) and generative AI, scammers now have the tools to craft even more convincing fake profiles. The automated clearing house warns, “Love affairs with celebrities, such as Keanu or Brad, have unfortunately gained global attention. Stories like these are affecting both men and women, leaving a trail of emotional devastation, financial ruin, and deep humiliation.”
Scheming for fast, transnational money
This high-tech approach has given rise to a new and alarming type of romance scam – one that is quickly gaining attention from industries and law enforcement agencies as a dangerous and sophisticated financial fraud: pig butchering.
BankservAfrica explains that much like a typical romance scam, pig butchering builds trust, creates an emotional connection, uses fake identities, and invests in long-term grooming to win over victims’ hearts and minds.
“However, this operation goes a step further by trapping victims into a financial scheme, with the idea of making a legitimate financial gain.”
Bloomberg News reported last year, “this is the latest tactic in the ever-evolving world of pig butchering schemes where scammers dupe victims into sending them cryptocurrency under false pretences”.
Laundering funds through cryptocurrencies, shell companies, and networks, pig butchering – described as “fattening pigs (victims) for slaughter” – first emerged in south-east Asia but has gradually spread across the globe, fuelled by AI and deepfake technology.
“Run by large, interconnected crime syndicates, these operations exploit trafficked workers, forcing them to carry out scams under coercive and abusive conditions,” BankservAfrica’s Fraud Intelligence states.
In October 2023, several Namibian citizens were arrested for their alleged involvement in this cryptocurrency investment scheme. Lured by promises of marketing jobs, these individuals became trafficking victims, forced to create fake Facebook and Instagram profiles to gain the trust of overseas targets.
“After gaining victims’ trust and emotional investment, scammers introduce them to fraudulent cryptocurrency schemes, ultimately swindling their funds. This particular case involved charges of human trafficking, fraud, and allegations of money laundering, among other serious offences.”
‘So lucky to have met you’
BankservAfrica’s Fraud Intelligence explains that scammers use emotional manipulation – such as love bombing, flirty messages, and promises of a future filled with wealth and companionship – to lure victims into fake cryptocurrency investments. These tactics are just a few of the carefully crafted traps set by international romance scam syndicates to fuel their fraudulent schemes.
“Using clever social engineering tactics on dating apps or social media, scammers can pose as anything from a successful businessperson to a trusted investment adviser.”
Over time, the victim develops an emotional connection with the fraudster through back-and-forth messages, gradually building trust – effectively “fattening” them up to fall for a scheme “for the sake of our future”.
“Baited into the dream of a happy, rich future together, victims are manipulated into withdrawing large sums of their money. Once butchered, their ‘match made in heaven’ turns into a nightmare when their money and visions of a future together vanish without a trace.”
A scam worth watching
While not directly linked to banking fraud, BankservAfrica warns of another financial scam posing as the legitimate transfer of funds into a seemingly credible investment platform.
“Scammers have found ways of exploiting AI and technologies to enhance their profiles to build relationships faster and get away with their victims’ money quickly.”
The firm states the perpetrators of these scams are organised and good at what they do.
“They are convincing and experienced at building ways to gain trust from targets. Given the broader scope of criminal activities these syndicates have expanded into, funds stolen from victims are just one of many revenue streams fuelling their operations.”
It adds that these activities have severe real-world consequences, posing a direct threat to society.
“We must remain vigilant, raise awareness, and take action to combat them.”
The cost of being scammed
JustMoney, a platform that helps South Africans make good money choices, states that the impact of online dating scams is both emotional and financial. Victims can lose thousands, if not hundreds of thousands of rands. In one case, suspected members of an international crime consortium operating in South Africa scammed over R100m from more than 100 women over 10 years.
“Many victims struggle to rebuild both trust and their bank accounts,” says Sarah Nicholson, operations manager of JustMoney.co.za, a platform that helps South Africans make good money choices.
“They find it hard to deal with feelings of betrayal, shame, and depression, and their financial future may be in jeopardy. Many struggle to admit they’ve been deceived, hiding the fact from friends and family. Cases go unreported because victims feel embarrassed and worry they will be judged.”
Tips to avoid falling for fraudsters
If you’re using online dating platforms, take these steps to protect yourself from scammers:
- Reverse image-search a profile picture. A reverse-image search involves uploading an image, or using an image URL, to search the internet for visually similar images, or sources where the image has been used. If the photo is used on multiple profiles or doesn’t match the claimed identity, it’s probably a scam.
- Look for inconsistencies. Be alert to any mismatched information in a profile, messages, or responses.
- Video-chat early. If someone to whom you’re chatting refuses to show their face or makes excuses about a poor internet connection to get out of video calling, it’s a red flag.
- Take your time. Don’t rush into anything. Be sure the person you’ve connected with is who they claim to be. Overly romantic language, especially too soon, should ring an alarm bell.
- Protect your personal information. Never share sensitive details such as your home address or place of work with someone you’ve just met. Financial information or passwords should not be shared with anyone outside of your immediate family, if at all.
- Trust your instincts. If something feels off, it probably is. Be on the alert if you sense any dishonesty or manipulation.
- Never send money. No matter how convincing the story, don’t send money or valuables.
- Keep conversations on the platform. Moving to text, email, or other private channels too quickly can be risky.
- Talk to someone you trust. If you’re feeling uncertain, ask a friend or family member for their perspective.
- Meet in person, safely. If you decide to meet up, do so in a public place. Ongoing excuses to avoid meeting are a red flag too.
Yima, a free service offered by the Southern African Fraud Prevention Service (SAFPS), is a platform that enables South Africans to secure their identities, scan websites for vulnerabilities related to scams, and report scams.
Yima features a tool named Verify’m that biometrically verifies a person’s identity using Department of Home Affairs records. If the biometrics do not match the information you have on the person, or there is no information, then be cautious.
What to do if you’ve been scammed
Act quickly if you think you’ve been targeted. Early intervention can minimise financial damage and protect your identity.
Use Yima’s scam hotline, 083 123 7226, to report a fraud incident directly to banks, retailers and insurance companies.
Your bank can block further transactions if you’ve already sent money or shared your banking details. It can also guide you on steps such as changing your online banking passwords and monitoring your bank account for suspicious activity.
Report the scam to the SAFPS and the police and alert the dating platform on which it took place. Most platforms have dedicated fraud or scam reporting features.
Speaking to a trusted friend or therapist can help you deal with the emotional fallout.
“Online dating can be a great way to meet new people, but it’s essential to be vigilant,” advises Nicholson. “Recognising signs of a scam and taking precautions will help you enjoy the process of meeting someone without risking your heart or your wallet.”
SAFPS: 011 867 2234 | safps@safps.org.za | https://www.safps.org.za/
Yima: https://www.yima.org.za/ | Scam hotline 083 123 7226.
