Pig-butchering scams, or Sha Zhu Pan, have emerged as a complex form of cyber-enabled financial fraud that combines elements of romance, investment fraud, and advanced social engineering tactics to systematically exploit victims. In this paper, we present the first qualitative analysis of pig-butchering scams, informed by in-depth semi-structured interviews with N=26 victims. We capture nuanced, first-hand accounts from victims across multiple regions, providing insight into the lifecycle of pig-butchering scams and the complex emotional and financial manipulation involved. We systematically analyze each phase of the scam, revealing that perpetrators employ tactics such as staged trust-building, fraudulent financial platforms, fabricated investment returns, and repeated high-pressure tactics, all designed to exploit victims' trust and financial resources over extended periods. Our findings reveal an organized scam lifecycle characterized by emotional manipulation, staged financial exploitation, and persistent re-engagement efforts that amplify victim losses. We also find complex psychological and financial impacts on victims, including heightened vulnerability to secondary scams. Finally, we propose actionable intervention points for social media and financial platforms to curb the prevalence of these scams and highlight the need for non-stigmatizing terminology to encourage victims to report and seek assistance.

翻译：“杀猪盘”诈骗是一种复杂的网络金融欺诈形式，它融合了情感交友、投资诈骗与高级社会工程学手段，系统性地剥削受害者。本文首次对“杀猪盘”诈骗进行了定性分析，基于对 N=26 名受害者的深度半结构化访谈。我们收集了来自多地区受害者细致入微的第一手叙述，从而揭示了“杀猪盘”诈骗的生命周期及其涉及的情感与财务双重操控的复杂性。我们系统分析了诈骗的每个阶段，发现犯罪者采用了诸如分阶段建立信任、伪造金融平台、虚构投资回报以及反复施加高压等策略，所有这些都旨在长期利用受害者的信任与财务资源。我们的研究揭示了一个有组织的诈骗生命周期，其特征包括情感操控、分阶段的财务剥削以及持续的重返接触努力，这些手段加剧了受害者的损失。我们还发现受害者承受着复杂的心理与财务影响，包括对二次诈骗的脆弱性显著增加。最后，我们为社交媒体和金融平台提出了可行的干预点以遏制此类诈骗的蔓延，并强调需要使用非污名化的术语以鼓励受害者举报和寻求帮助。