How to protect yourself from 'pig butchering' scams via text, social media

CHICAGO (WLS) -- There's a new scam alert about "pig butchering."

The term refers to a heavily scripted scheme to "beef up" their victims' egos before taking everything they have.

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It all starts when you receive a mysterious text. The criminal may pretend to be an acquaintance or relative to earn trust before offering "investment opportunities" or requests for money.

Scammers may even look up information about you online to be more convincing.

Consumer experts at the "What the Hack" podcast have tips to avoid the pig butchering scam:

• Don't respond to texts or DMs on social media from strangers.

• Don't overshare on social media accounts.

• Remember that there is no such thing as instant money when investing.

• Never send any money, or share any credit card, banking or financial information.