How the pig butchering scam works and how to spot it

Say a friend introduces you to a man who wants to buy insurance, and a few chats later he's talking about crypto. That's how a woman in Singapore lost more than S$100,000 over four months, a big part of her savings for her children. It has all the signs of a pig butchering scam: trust first, then a fake investment that never pays out. Investment scams cost people here S$169.8 million in the first half of 2026, more than any other type of scam. Here's how this one ran, the signs, and what to do if you've paid.

How does a pig butchering scam work?

It runs on trust, then a small win, then a bigger and bigger ask. Here's how it went for Ruth (not her real name), who works in finance and had never invested in crypto.

The man, Rob, came through a friend who'd met him on a dating app. He said he wanted insurance, then steered the talk to crypto.
He told her a stablecoin staking plan had no risk, and walked her through setting up a crypto wallet.
Her first few returns came through fine, inside a real and widely used app.
Then the sum she needed for staking kept rising sharply.
He moved her money to a little-known app. It accused her of things like insider trading and charged penalties and fees, which she paid to free the rest.
When her apps blocked transfers to it as unsafe, he told her banks just don't want money leaving them.

Why did Ruth trust him?

He said he had a daughter and sent photos of the two of them. Put through a face search, those photos matched what looked like the same man on several Chinese websites, some of them stock photo sites.

There were video calls too, though he may have been using an AI filter. He claimed a job at an established energy company in Singapore. He also sent photos of a Malaysian IC, but no one is registered under that IC number.

What happened after she reported it?

She lost well over S$100,000 before she ended it and made a police report. Rob then claimed some of his own money was in the scheme and wanted it back. Threatening calls and messages followed.

Was his number even real? No, it was a spoofed number, and she has since blocked it. Her money went overseas, and the police are still investigating. The scam app now appears to be blocked under the Online Criminal Harms Act.

What are the warning signs?

Most people caught in this kind of scam find out only when they can't withdraw, even after paying bigger and bigger fees.

Our post on the fake investment guru scam on Facebook covers a version that starts with an ad. Our post on the Facebook lottery scam shows the same fees-first trick.

Someone you met online, or a friend's dating app match, turns the chat to an investment, sometimes in crypto.
You're told a crypto plan carries no risk.
Small profits arrive early, and an app shows your gains growing, so you put in more.
You're moved to an app you can't find much about online, and asked to pay fees or penalties to take money out.
Your bank blocks a transfer, and the other person has a reason why the bank is wrong.

How can you check an investment before you pay?

Ask as many questions as you need to understand it. If the person can't or won't answer, be wary.

If you're new to investing, our first-timer's guide to investing in Singapore covers the basics first.

Look up the company, its owners, directors and managers.
Check the company and the person on MAS's Financial Institutions Directory, Register of Representatives and Investor Alert List.
Make sure any app you're told to install is on an official app store.
Check suspicious messages, phone numbers and links in the ScamShield app.

What if you've already sent money?

Call your bank first, since it can act straight away to stop you losing more.

Then file a police report, online or at a Neighbourhood Police Centre or Post. For urgent help, call 999.

Can you get the money back? Once it has left Singapore, the chance is very low, and police can only return seized money when investigations end.

Watch for anyone who gets back in touch afterwards. Some scammers come back posing as the authorities to scam the same person again. Family and friends can help you carry the rest.

Unsure about an investment someone's pushing on you? Call the ScamShield Helpline on 1799, any time of day, before you send anything.

Frequently asked questions

What is a pig butchering scam?

It's a scam where someone builds your trust first, often through a dating app or social media, then brings in an investment that may involve crypto. Small early profits keep you paying in, until fees block every withdrawal.

How much do people in Singapore lose to investment scams?

Investment scams cost S$169.8 million in the first half of 2026, across 2,256 cases. That's more than any other type of scam, and about S$75,000 a case on average.

Can you get your money back after a crypto investment scam?

Once money leaves Singapore, the chance of getting it back is very low, and police can only return seized money when investigations end. So call your bank at once and file a police report.

What is the ScamShield Helpline number?

It's 1799, and it runs 24/7. Call it whenever you're not sure if a message, a call or an investment offer is a scam. The ScamShield app can also check suspicious messages, numbers and links.

Sources

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This is general financial information for Singapore, not personal financial advice. Figures change, so verify current rates against the official sources above before acting. See our full disclaimer.

Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).