Pig butchering scams are fooling crypto investors everywhere, learn the warning signs before you invest
The internet can be a scary place, especially as scams become more sophisticated and personal. For instance, this week, US authorities seized $225 million (around ₹ 1,880 crore) in cryptocurrency linked to 'pig butchering' scams, according to a CNBC report. Such scams show how online fraud is evolving at a fast pace.
Unlike typical online cons, pig butchering scams are slow and calculated. Scammers initiate contact through social media, WhatsApp, or random texts, often pretending to be friendly professionals or strangers working abroad. They spend weeks or months building trust, sometimes using AI-generated photos and videos to appear genuine. Once a relationship is established, the conversation shifts to a 'guaranteed' crypto investment.
Victims are shown convincing apps or websites displaying fake profits and, at times, allowed small withdrawals to build confidence. However, when larger sums are invested, access is suddenly blocked and the scammer vanishes with the money. With more Indians exploring digital assets and cryptocurrencies, these scams are finding new targets, especially among those new to online investing or seeking companionship.
Pig butchering scams are run by organised networks operating across borders, often from countries like Myanmar, Cambodia, the Philippines, and even India. These groups use advanced technology and global payment systems, making it challenging for authorities to trace stolen funds. In India, the rise in digital payments and growing interest in crypto have made the scope of such schemes more deadly. The Indian Cyber Crime Coordination Centre (I4C) has reported a sharp increase in crypto-related frauds, with many involving these patient, manipulative tactics.
To protect yourself, be cautious if someone you have never met wants to move conversations to private messaging apps, offers urgent investment opportunities, or asks for payments in cryptocurrency. Never share personal or financial details with online acquaintances. If a new contact refuses a video call or seems too eager to discuss investments, it is safest to end the conversation.
If you suspect you have been targeted, report the incident on the National Cyber Crime Reporting Portal and keep all communication records. As online scams grow more sophisticated, staying alert and informed is the best way to protect your money and data in a digital environment that's constantly changing.
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