Online scams have surged in recent years where so many people lost hefty sum of money. Along with the scams, the 'Pig Butchering' scam has emerged as a global menace. Meta has reportedly 0banned more than 20 lakh accounts linked to this fraudulent scheme, highlighting the severity of the issue.
What is the ‘Pig Butchering’ scam?
The scam, originating in several Asian countries has involved scammers building trust with victims through social media, dating apps, or text messages. Pretending to be friends or romantic interests, they convince victims to invest in fake cryptocurrency schemes. Enticed by promises of massive returns, victims lose their money when the scammers disappear.
How does the Pig Butchering scam operate?
- Contact initiation: Scammers approach people via social platforms or apps.
- Building trust: Through prolonged conversations, they earn the victim's confidence.
- Investment trap: Victims are urged to invest in fraudulent schemes with promises of high profits.
Often operated by large criminal syndicates, this scam targets people with financial greed or job offers abroad.
Staggering losses
Reports from 2023 reveal that over 3 lakh individuals have fallen prey to this scam, leading to losses exceeding USD 43 billion annually.
Meta’s action against fraud
Meta has been investigating these scams for two years. By banning millions of accounts, the company aims to curb fraudulent activities and protect users from falling victim.
Tips to stay safe
- Avoid greedy offers: Be sceptical of promises of quick returns or lucrative job offers.
- Verify contacts: Avoid trusting strangers on social media or dating platforms.
- Report suspicious accounts: Notify the platform if you suspect fraudulent activity.
By staying vigilant, you can protect yourself from online fraud and scams.
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