Online scams are rising, preying on human emotions to exploit victims. A recent case in the US reported a disturbing trend, where a man lost his life savings to a woman whom he met on the professional social media platfrom named LinkedIn.
The victim falls for 'Pig Butchering' scam
The 75-year-old professional from the American Midwest, fell prey (victim) to an elaborate online scam which is now known as ‘pig butchering’. This scam began with a seemingly innocent message on LinkedIn.
Building trust through online persona
The scammer (on LinkedIn), has posed herself as a successful Chinese woman named Violaine Chen, who initiated contact with the victim. She crafted a profile which showcased a luxurious lifestyle and impressive professional achievements, made by Chen, luring the victims on the professional networking site.
Over the period, it was reported that the conversation shifted to WhatsApp for more ‘privacy’, which gave enough time to the scammer to manipulate the narrative.
Love, lies and fake investments
Chen (the scammer) reportedly cultivated a romantic relationship with the victim (a 75-year-old American professional), who was engaged in daily conversations and sharing personal details.
This emotional connection further fostered trust and made the victim vulnerable to her suggestions.
Deceptive investment opportunity
Chen (scammer) proposed a joint investment on a trading platform called FX6, which was supposedly owned by her uncle. The victim got attracted towards the financial gains that the scammer discussed along with the vision for the romantic future, and deposited a significant sum into a related app called Fuex, which further showcased the investment growing exponentially.
How did the trap close for the American victim?
When the victim attempted to withdraw funds and tried reaching Fuex customer service, which was reportedly part of the scam, he found himself being blocked and also demanded additional fees.
Desperate to access his money and fueled by false hope, the victim poured more and more funds into the scheme, which resulted in losing his lifelong savings.
What is Pig Butchering?
‘Pig butchering’ is a type of online scam where fraudsters build trust with the victims over time and eventually gain access to their finances. The term reflects how scammers ‘fatten up’ their targets emotionally before ‘slaughtering’ them financially- by draining their money.
How Pig Butchering scams operate
In today’s time, scammers are creating fake profiles of attractive, wealthy individuals and initiating to engage their targets with constant communication, shared interests and flattery.
Where are these scams operated?
These scams are said to be frequently run from the ‘scam dens’ which are based in Southeast Asia and West Africa, controlled by criminal syndicates.
What deceptive tactics used for Pig Butchering scams?
Sophisticated methods are being used by the scammers which include scripted interactions, fake profiles with fancy luxury lifestyles showcased and deceptive financial platforms.
These fake financial investment platforms showcase interesting and exponential returns to entice victims and once they invest the money, these platforms block the investor, when they try withdrawing their money.
How to protect yourself from Pig Butchering scams?
- First thing, you need to be very careful on social media, especially opposite gender who lure you with luxury and lifestyle
- Never invest in any unsolicited website. Do proper research before giving out the money, no matter how close you are to the person.
- You will have to make sure that your online relationships are verified. Hence, a video call or meeting in person is a must.
- Never trust ideal quick romantic attachments, or investment opportunities from someone you hardly met a couple of months before.
- No matter what your age is, your bank details have to be confidential
- Do not hesitate to warn banks or financial institutions about the suspicious activity
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Inputs from IANS
