A group of cybercriminals is carrying out “Pig Butchering” scams targeting users of Facebook, WhatsApp, Telegram, and various dating apps. Every day, countless people fall victim to these scams and lose their hard-earned money. This type of fraud is mostly targeting unemployed youth, housewives, students, and people facing financial difficulties.
What is Pig Butchering Scam?
In a Pig Butchering scam, fraudsters lure specific individuals by offering various opportunities to make financial gains. To gain trust, the scammers engage in long-term messaging with their victims. After building trust, they encourage them to invest in profitable schemes. Initially, they allow the victim to withdraw some profits to build further confidence. Once the victim invests a large sum, the scammer runs away with the entire amount.
How the Scam Works
In the first step, scammers target specific individuals and invite them to become friends. They then build trust by engaging in regular conversations, pretending to be either a romantic interest or an investment expert. Once trust is gained, the scammers usually tempt the victim with the idea of becoming wealthy quickly by investing in cryptocurrency or the stock market.
If the victim agrees and makes an investment, the scammers initially return a small portion of the profit to enhance their credibility. This encourages the victim to invest larger sums. However, as soon as the victim asks for their full earnings or investment back, the scammers block them and disappear with the entire amount.
What You Need to Do to Stay Safe
To protect yourself from such scams, raising awareness online is crucial. It’s important to carefully consider any message or proposal sent by an unknown person. Be especially cautious if you receive highly profitable investment offers from unfamiliar sources. Even if a new acquaintance online talks about investment, remain alert and skeptical.
Source: Times of India
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