Jens Asbjørn Bøgen
The scams are becoming both faster and harder to spot.
Forbes has reported a surge in ‘pig butchering scams’ on dating apps like Hinge, Tinder and eHarmony throughout 2025. With Valentine’s fast approaching, experts are urging dating app users to stay extra vigilant this season of love, as fraudsters of these schemes often prepare weeks – or even months – in advance to target unsuspecting victims.
A new report reveals that AI-enabled crypto scams are generating 4.5 times more revenue per operation than traditional schemes, driving a record loss of $17 billion in 2025 as these scams become faster, more convincing and harder to detect.
With romance scams on the rise, forex broker experts at BrokerChooser have broken down the scam and highlighted six biggest warning signs to help users spot a fake ‘Valentine’ early – and avoid losing thousands.
The Pig Butchering Scam
Balazs Faluvegi, Senior Analyst from BrokerChooser explains the pig butchering scam:
“A long-term fraud that intertwines romance scams, investment schemes and cryptocurrency fraud – victims of these schemes are often referred to as ‘pigs’ by the scammers. The scam works by creating a false sense of intimacy or romance, gradually ‘fattening up’ the victim with trust and attention. Once enough trust is established, the victim is drawn into a cryptocurrency investment scheme, which ultimately leads to the final ‘butchering’ stage, leaving them drained of their money.
The process typically follows a repeatable pattern: unsolicited contact, trust-building and then a lure into fake investment schemes. Scammers push victims to make increasingly larger ‘investments’ and send crypto transfers that can’t be reversed. Recognising the warning signs gives you a strong chance of avoiding becoming the next victim.”
Six warning signs your romance could be a costly scam
Think twice if your ‘match’ is moving too fast
Pig butchering scams often start with scammers ‘hunting’ victims through random texts, social media, or dating apps. They sometimes pretend to be a wrong number or an acquaintance to grab your attention. Once contact is made, they strike up a friendly conversation, often messaging several times a day which gradually turns to investment talk, laying the groundwork to gain your trust before attempting to defraud you. Saddeningly, this is increasingly happening on dating apps as well. After matching, stay alert if they quickly ask for your number and try to move the conversation to Telegram or WhatsApp.
A Reddit user shared (full ver. here):
”I got a match, we chatted for less than a day and they quickly asked for my number. I was hesitant but didn’t think they could do much with it, so I gave it to them. About a day later, they asked if I use Telegram or WhatsApp. They also mentioned they mine ETH and could teach me. I strung them along, not openly refusing to get the apps but just pretending to be busy or changing the subject. Out of boredom and some loneliness, I downloaded Telegram when they weren’t responding to my texts as much. They were excited I decided to join them and began talking to me much more. I continued talking to this person and began to enjoy our conversations. A few days in, they started sending voice memos and even called me one night. They called on Telegram, which was a red flag, but still.
I began to get excited, still keeping a 20% chance that this was most likely a scam. But I was thinking, “This is an extravagant length to go for a possibility I might invest in ETH.” Then the conversation came back around to mining ETH. They wanted me to download the crypto.com DeFi wallet app and send them screenshots so they could help me. I refused twice and they instantly deleted the chat and blocked me on Telegram.”
Watch for manipulated trust
Pig butchering scams are an insidious long game. Unlike traditional scams which execute quickly, these schemes exploit both emotional and financial vulnerabilities. Scammers spend weeks or even months building your trust before introducing seemingly lucrative investment opportunities, casually mentioning their success and offering to teach you. Remember, no random stranger has a genuine interest in helping you make money.
A common tactic is to let you withdraw small initial ‘profits’ to encourage you to invest larger sums. And when you attempt to withdraw bigger amounts, they suddenly create obstacles like taxes, fees or system errors, blocking access to your funds.
Be wary if they push encrypted platforms
If someone quickly asks to move the conversation to WhatsApp or Telegram, this is a red flag. Scammers prefer these end-to-end encrypted platforms because messages are much harder for authorities to monitor or trace, giving them more freedom to manipulate victims without detection. Remember, no legitimate company, trader or investor will contact you through WhatsApp, dating sites or a random text message.
Recognise manipulative ‘success stories’
These scammers often show off their wealth and share fabricated trading success stories to make you feel like you’re missing out. They may casually mention how much money they’ve made in crypto, forex, or other investments, creating the impression that their methods are tried-and-true, increasing your desire to invest. They rarely ask you to invest immediately. Instead, they let you initiate the idea, making you feel in control while subtly manipulating your decisions.
Notice high-pressure tactics and urgency
It’s a classic pressure tactic when the scammer starts pushing you into making hasty investing decisions or acting ‘before the opportunity disappears’. By this stage, you might already trust them, making it easier for pressure to cloud your judgment as you become emotionally invested. Be careful of offers that sound too good to be true, such as ‘exclusive’ crypto or forex opportunities with guaranteed profits. Legitimate investments always carry risk and anyone promising massive returns with no risk is almost certainly a scammer.
Beware of fake trading websites
To appear legitimate, pig butchers often create fake trading platforms that mimic real exchanges. These sites may show fake account balances, doctored profits, fabricated investment opportunities, and counterfeit user reviews or testimonials, often featuring profiles of ‘successful’ traders claiming impressive returns. Always research any trading platform thoroughly before investing. Check for licensing, regulation and independent reviews and never solely rely on what the platform or its ‘users’ claim.
