What is a “pig butchering” scam?

A “pig butchering” scam builds a personal connection over time before introducing a fake investment. The relationship may be romantic, friendly or apparently helpful, with trust developing before the money request. The term describes the criminal’s method, not the person targeted; here, we also call it investment grooming. 12

By Secordit. Last checked: 7 November 2026.

Go to the steps · All glossary terms

How it works

  1. A contact spends time building a personal relationship. 12
  2. They introduce an investment and a platform they want you to use. 12
  3. Payments grow, withdrawals fail or new charges appear. 12

Real UK example

The FCA's August 2025 warning specifically described this relationship-led investment method. It also reported criminals returning after the loss, pretending to be the FCA to recover money.

The warning described reported methods rather than naming an individual victim. It explains how one scam can lead to another. 1

Warning signs

  • A new personal contact repeatedly steers conversation towards investing. 12
  • They insist you use a particular trading or crypto platform. 12
  • A screen shows profits that cannot be withdrawn. 12
  • You are told to pay more to release your own money. 1234

What to do now

  1. Stop further payments and do not pay a supposed recovery or withdrawal fee. 1234
  2. Keep the conversation and payment records. 1234
  3. Speak to your bank or payment provider and report the suspected investment fraud to the FCA. 1234

UK reporting and support

  • If money has gone or banking details were shared, call your bank using the number on your card. Or use 159 if your bank participates. 345
  • Report fraud or hacking in England, Wales or Northern Ireland to Report Fraud. In Scotland, call Police Scotland on 101. 46
  • If someone is in danger, call 999. 6

How to protect yourself

  • Keep investment decisions separate from a new online relationship. 12
  • Check the firm and its contact details through the FCA’s genuine tools. 12
  • Talk to someone independent before sending money to a contact’s chosen platform. 1234

Frequently asked questions

Is “pig butchering” always a romance scam?

Not necessarily. The FCA says the connection is often romantic, not always. The later investment request is central to this method. 1

Why can the platform show profits if it is a scam?

The FCA explains that fraudulent platforms can manipulate software to show invented prices and investment returns. 2

What if someone offers to recover the money afterwards?

Treat an unexpected recovery offer with caution. The FCA warns that victims can be targeted again by criminals impersonating the regulator. 17

Matching kit

After a Scam: What to Do First · £7 · Digital download.

A printable UK checklist for the money, account and reporting steps. It is general information, not a recovery service.

General information, not legal, financial or personalised security advice. Secordit is not a police or bank reporting service.

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Sources

  1. FCA, Almost 5,000 fake FCA scams reported in first 6 months of 2025 | FCA. Accessed 7 November 2026 (Europe/London).
  2. FCA, Crypto investment scams | FCA. Accessed 7 November 2026 (Europe/London).
  3. UK Finance, Authorised Push Payment Fraud Reimbursement | UK Finance. Accessed 7 November 2026 (Europe/London).
  4. Report Fraud, Report Fraud alert: Police forces being impersonated in scam calls using ‘spoofed’ phone numbers - Report Fraud. Accessed 7 November 2026 (Europe/London).
  5. Stop Scams UK, 159 Phone number - Stop Scams UK. Accessed 7 November 2026 (Europe/London).
  6. Police Scotland, How to report a crime - Police Scotland. Accessed 7 November 2026 (Europe/London).
  7. FCA, Recovery room scams | FCA. Accessed 7 November 2026 (Europe/London).