‘She hooked me’: How an online scam cost a senior citizen his life’s savings
It began with a notification: A user wanted to connect on LinkedIn, and sent a note saying she thought the man’s profile was impressive. She seemed polite and attractive. The man, a 75-year-old professional who lives in the American Midwest, replied.
That was the start of a monthslong nightmare that emptied his retirement fund and drove him to the brink of suicide. He is one of millions of people globally to fall victim to “pig butchering," a form of fraud in which scammers seduce strangers online, build their trust and convince them to put money into bogus investments. They take the money and ghost their victims.
The Wall Street Journal reviewed thousands of messages between the man and the scammer, financial records, photographs and other documents that show how the fraud unfolded. It’s a disturbing glimpse inside the sophisticated psychological manipulation scammers use to prey on vulnerable people, especially those who are elderly and not technologically savvy. The man, referred to in the story as the victim, lost more than $715,000—virtually everything he had.
He declined to be named, but shared with the Journal months of WhatsApp conversations with the scammer, documentation of money transfers and screen grabs of the sham trading platform where he was swindled. He said he hoped the details would save others from his fate by exposing how scammers exploit average people and ruin lives. The scammers often pose as beautiful young women with lots of money and few cares, and convince their victims that they share a special, secret bond.
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