A piggy bank is a scam that involves creating a fictional relationship with a victim over the course of weeks or months. It is also known as “pig slaughtering” or “butchering” and is a form of scam that usually involves cryptocurrencies. Victims are usually female and often lose a significant amount of money; so much so that the loss is life-changing. The scam originated in China and is having a cross-border impact, transforming into a global scam organization. (Click here for more information: Weibo China's report on the rise of the American Killboard + real cases in China) According to statistics, the average loss is $98,000 and involves over 240 victims. This scam scheme has impacted the bright futures of many young people by damaging their careers - breaking up families, getting divorced, triggering suicidal behaviors, and more. It's a slow-moving scam in which the scammers first earn your trust, allow you to withdraw a portion of your dollars to make you feel secure, and then gradually deplete your assets until you have nothing left. Ways to prevent a piggy bank: Don't believe in financial gimmicks that offer always gains, no losses and high risks and high rewards. Don't be greedy and resist the temptation to gamble and invest high amounts. Try not to send money to strangers if circumstances permit, and if you do, be very careful about it. Consider setting up a digital layer of protection for your social media accounts to block suspicious messages from strangers.