Pig Butchering Scam: Scammers mostly target the unemployed, students and housewives. The biggest reason for this is that they are not very strong emotionally. Scammers rob them of more money in less time and sometimes by luring them into the trap of love. This has come to light in the recent annual report of the Union Home Ministry. Pig butchering scam or investment scam is a new cyber fraud in which unemployed youth, housewives, students and needy people have been targeted. This scam is defrauding a large number of people of lakhs of rupees every day. According to the report, cyber criminals are using Google’s services to start these frauds.
What is Pig Butchering Scam?
Pig butchering scam is an online fraud in which criminals use social engineering to lure victims into their trap. Or by gaining the trust of the victim and luring them into investing in fake cryptocurrency platforms or other fraudulent investment schemes. The name Pig Butchering Scam means fattening a pig before cutting it, that is, the criminals first establish a relationship with the victim and then grab their money. This scam started from China in 2016 and its target are people who are easily misled. Criminals convince them to invest in cryptocurrencies or other schemes and then steal their money.
How does this scam work?
Perpetrators often contact victims through social media, dating apps or messaging platforms (such as WhatsApp and LinkedIn). They present themselves as friendly or romantically linked and falsely claim a luxurious lifestyle.
Building Relationship: They have regular conversations with the victim. Shares personal stories, photos, and fake investment success stories.
Winning Trust: Once they gain the victim’s trust, they offer a great investment opportunity. Which is usually a fake cryptocurrency platform.
Increasing Greed: Initially they show profits on small investments, which makes the scheme seem genuine to the victim.
Danger: Finally they convince the victim to invest huge amount. After investing they end the relationship.
Government is working to stop cyber crime
The Indian Cyber Crime Coordination Center (I4C) of the Home Ministry has partnered with Google to tackle this threat. Information about threats is shared with Google from time to time so that immediate action can be taken.
Misuse of WhatsApp and other platforms
The report states that cyber criminals are using Facebook links to launch such applications in India. According to the report, WhatsApp is the platform most used for cyber crimes. So many complaints came on these platforms. I4C, along with Google and Facebook, has taken steps to increase surveillance on cyber criminals.
WhatsApp: 14,746 complaints
Telegram: 7,651 complaints
Instagram: 7,152 complaints
Facebook: 7,051 complaints
YouTube: 1,135 complaints
After all, how do people become victims of these scammers?
Scammers take advantage of emotions, such as love, greed, or fear of missing out on an opportunity (FOMO).
Psychologically wins the trust of the victims.
The platforms used appear professional and valid.
take care of them
Unsolicited messages that come from strangers.
Trying to form personal or romantic relationships quickly.
Claims to give guaranteed higher returns.
Providing instructions on unfamiliar investment platforms.
Pressure to act quickly or invest more money.
How to protect yourself?
Be cautious of unwanted messages.
Investigate any investment opportunity first.
Don’t share personal or financial information with strangers.
Avoid investing on platforms that you cannot verify.
Report suspicious activities to authorities and relevant platforms.
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