Pig butchering scam, known also as Sha Zhu Pan or 杀猪盘, represents a contemporary form of online fraud that initially targeted Asian victims. With the expansion of Southeast Asian fraud networks, the scheme has achieved global reach and generated substantial financial losses, while also casting a long shadow over the emotional lives of those affected. The present study seeks to understand how individuals become susceptible to internet fraud within this scam by examining the dynamics of perpetrator–victim interactions and the conditions that facilitate exploitation. By examining firsthand accounts, the research aims to unpack the behavioral and social factors that shape vulnerability and to contribute to an empirical grounding for prevention efforts. Methodologically, the study is based on in-depth interviews with 18 victims and 13