Pig butchering scams: Every day we hear about new cases of online scams. With the increasing dependency on digital media for various activities, an environment has been created where scammers exploit vulnerabilities to carry out fraudulent activities like phishing attacks, fake investment schemes, online shopping frauds etc. Now, Nikhil Kamath, the CEO of Zerodha and the host of the popular podcast ‘WTF,’ has cautioned people about a unique scam called 'Pig Butchering Scams'. Elaborating on the strange analogy, Kamath said that the pig butchering scams involve fattening the victim before butchering.
Pig Butchering Scams: What it means?
Pig butchering scams are those which involve fake websites, malicious advertising, and social engineering. By adding fraudulent apps to official download platforms, scammers can gain a victim's trust more easily. “They use the pretence of love and friendship to gain the trust of users and then induce them to send money for jobs and high-return investments and steal the money,” Kamath said, adding that these scams are global, and their scope is staggering.
With his post, Kamath also shared the link to a media report on 16 Indians who had been held hostage by a fraudulent company in Myanmar. The Indian citizens claimed that their employers confiscated their mobile phones and ID cards, leaving them without access to necessities like water and food.
Pig Butchering Scams: 5 Tips to Protect Yourself
- If someone asks you to download some new apps or open links, that is a red flag
- These scams rely on exploiting your emotions, like hopes, fears, dreams, and greed. Never react in a hurry.
- Don't panic. Most people fall for these scams because they react in a hurry.
- When in doubt go to the nearest police station or talk to a lawyer.
- If someone promises something like a job or high returns or asks you for money, it's a red flag.
- Never share personally identifiable information like your Aadhaar, Passport or your financial information like bank details, investment details etc.
- If it sounds too good to be true, it probably is.