Pig butchering scam is one of the major scams reported to the American agency FBI.Image Credit source: Pixabay
Today the Internet has become an important part of our lives, but in the Internet world there are also scammers. They cheat people in new ways. Now a new type of scam is going on. Its name is Pig Butchering Scam. The Cyber Awareness Handle of the Government of India has also asked to be cautious regarding this.
As per the name, just as a pig is fed before it is killed, similarly in a pig butchering scam, the victim’s trust is won before being defrauded. After winning the trust of a person through friendship or love, he is offered a lot of money. Let us know how the pig butchering scam is carried out and how it can be avoided.
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What is Pig Butchering Scam?
Pig butchering scam is a deceptive scheme that appears to be a legitimate opportunity and in which the person (victim) is gradually tricked into investing more money, usually in the form of cryptocurrency. It is also known as ‘Killing Pig Plate’ or ‘Sha Zhu Pan’.
Such scams have become a widespread issue. Cases of such crimes are coming to light at the global level. Pig butchering scams cause huge financial losses to victims. When money is invested through blockchain, it becomes impossible to trace that money.
Where did this scam start?
According to the report, the pig butchering scam started in China around 2019. This method of scamming was developed by Asian-organized crime groups/gangs. Since then, victims have suffered millions of dollars in losses worldwide.
Initially individuals were targeted in China and then its scope expanded to America. Sometimes the scammers are victims of human trafficking who are forced to continue the scam for money and other financial opportunities. Even training is given to carry out scams. This is one of the major scams reported to America’s intelligence agency FBI.
how to execute Scam,
First of all, fraudsters look for victims on social media or dating apps, who are called pigs. The criminal makes a fake friendship with him and after some time convinces him to try cryptocurrency trading. The scammer then tricks the victim into using a fake trading app, making the victim feel as if he is making real money through fake trades. Because by then the victim believes in the fraud, he agrees to invest more money on that app.
This phase is called ‘fattening the pig’. When victims try to withdraw their money, the scammer asks for a hefty fee or makes excuses. In this way, people suffer huge losses by falling prey to greed and friendship.
Protect yourself from Pig Butchering scam. Be vigilant, be safe. #I4C #MHA #Cyberhost #Cybercrime #Cybersecurity #DigitalSafety #stayalert #News #SocialmediaInsights #Share #Awareness pic.twitter.com/yBRQnO8bCV
— Cyber Dost (@Cyberdost) February 7, 2024
Pig Butchering Scam How to avoid it?
The most effective way to avoid such scams is not to respond to messages from unknown people on WhatsApp and social media. If someone asks you to open a new app or link, be careful. If there is any problem or doubt, go to the nearest police station or talk to a lawyer.
Criminals who carry out such scams take advantage of the greed and fear of the users. Therefore, do not do any work in haste. Do not open any link or app on someone’s advice. Never share your personal information like Aadhaar, passport, bank details with any stranger.
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