In this digital age, social media and messaging apps have greatly simplified communication. Because of the high level of dependence, scammers are constantly coming up with new ways to defraud people. Pig butchering is a new scam that has recently gained attention because it asks vulnerable people, such as housewives, students, and young people without jobs, to invest in phony investment schemes.
The term pig butchering scam refers to the process of gradually gaining a victim’s trust. The scammers will attempt to initiate a relationship, usually with a romantic interest, a financial advisor, or simply a friendly contact. It can occur on online dating sites, messaging apps such as WhatsApp, and even via email. After establishing trust, the scammers introduce the “high-return, low-risk” investment opportunity, which frequently involves cryptocurrencies or stocks. To gain trust, scammers show fake profits and claim that money is easy to obtain. With that trust, the victim falls into the trap, frequently investing large sums of their hard-earned money.
When the victim tries to withdraw money, they discover the scam. During this time, the scammers ignore the request, ask for additional fees to withdraw, or simply disappear, leaving the victim without any money.
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According to the Ministry of Home Affairs, WhatsApp is the most commonly used platform by fraudsters to carry out these types of scams, followed by Facebook, Instagram, and Telegram. The report also mentions Google’s advertising platform, which allows scammers to target specific individuals more effectively.
The pig butchering scam is growing as fraudsters become more skilled at targeting individuals and using legitimate advertising services to carry out their schemes. To be safe, when receiving such messages or investment offers from unknown individuals, particularly on social media, users should cross-check, be cautious, aware, and conduct their own research and verification. If they find something fishy, they can report the crime or activity to authorities.