Main session 3 - Pig-butchering/investment scams

The growth so-called “pig-butchering” scams has become a complex form of fraud with global impact that combines traditional romance scams with virtual asset-based investment schemes. Originating primarily in Southeast Asia, these scams involve perpetrators cultivating deceptive relationships with victims over extended periods, ultimately persuading them to invest substantial amounts of money, often in the form of virtual assets. According to Crypto Scam Revenue 2024 Report[1], the phenomenon has evolved to diversify their business model beyond the “long con” of pig butchering scams to quicker turnaround employment or work-from-home scams that typically yield smaller victim deposits and from small schemes to scam camps, using human trafficking networks. With billions of Euros lost annually and significant impact on victims worldwide, it is crucial for criminal justice authorities and financial institutions to understand both the modi operandi and criminal infrastructure of perpetrators, and the legal and law enforcement tools available to investigate these forms of crime and to seize the related virtual assets.

Therefore, the purpose of this session is to examine the main types of scams and their impact, and in particular criminal justice responses in terms of investigation strategies, follow-the-money-approaches, and domestic and international cooperation between criminal justice authorities, financial intelligence units (FIU) and Virtual Asset Service Providers (VASP). The relevance of frameworks such as the Convention on Cybercrime in this connection will also be discussed.