This scam is called "Pig Butchering" because in this the scammers first "nurse" the victim i.e. slowly build trust with them and then "cut" them off by defrauding them of a large sum of money.
Pig Butchering Scam is a new and rapidly growing dangerous online fraud that mainly targets people using investment schemes and emotional trust. This scam is named "Pig Butchering" because in this the scammers first "nurse" the victim i.e. gradually build trust with them and then "cut" them by defrauding a large amount of money.
How does the Pig Butchering Scam work?
Contact building: Fraudsters usually contact the victim on social media, dating apps, or messaging platforms. They present themselves as investment experts, business people, or a friendly person using fake identities (fake profiles).
Emotional connection: Scammers first build a personal relationship with the victim. This process can last for weeks or months.
Investment enticement: Once trust is built, scammers entice the victim to invest in attractive investment schemes, such as cryptocurrencies, forex trading, or high-return "safe" platforms.
Investment process: Scammers send a link to a fake platform. The victim initially invests a small amount and sees "profits". When the victim invests more large amounts, the scammers suddenly disappear. Scammers use fake websites or apps that look like real investments.
Tips to avoid pig butchering scam
Beware of unknown contacts: If a stranger gives you tips on investing or financial matters, be cautious.
Fact check: Check the authenticity of any investment platform. Verify the URL and reviews of the website. Do not share sensitive information. Do not give your personal or financial information to a stranger. Always use trusted and recognized platforms.
Avoid too good offers: If an offer seems "unusually good", it could be a sign that it is fraudulent.
Report fraud: If you think you have been a victim of such a scam, immediately contact the local cybercrime authority or helpline. You can lodge a complaint on Cybercrime.gov.in or the Chakshu portal.