The Ministry data revealed that numerous cases of this scam have come across various platforms.
The scam first originated in China in 2016 and is called pig butchering.
They even use cross-border advertisements to lure victims and platforms like WhatsApp, Telegram, and Instagram.
Cyber crimes are growing by the day and a new scam has surfaced online and it is pretty concerning. It is called a “pig butchering scam” or “investment scam”. This scam targets vulnerable groups, including unemployed youths, housewives, students, and financially needy individuals, according to the Union Home An annual report by the Union Home Ministry revealed that the scam has resulted in significant daily monetary losses for victims.
The Ministry data revealed that numerous such cases have come across various platforms. A total of 14,746 cases against WhatsApp, 7,651 against Telegram, 7,152 against Instagram, 7,051 against Facebook, and 1,135 against YouTube were registered by March 2024.
What is the Pig Butchering Scam?
The scam first originated in China in 2016 and is called “pig butchering” to refer to the concept of fattening pigs before slaughtering them. Under this scam, scammers use Google’s advertising platform to target potential victims. They even use cross-border advertisements to lure victims and platforms like WhatsApp, Telegram, and Instagram to promote illegal lending apps and schemes. They then try to build trust with individuals before convincing them to invest in fraudulent cryptocurrency or other schemes. Once people believe in it, and invest, scammers end up stealing all of their money.
The Indian Cyber Crime Coordination Centre (I4C) is trying to raise awareness against this and has partnered with Google and Facebook for real-time intelligence to share and take proactive actions against such scams.
Even the Union Home Ministry has introduced the Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS). It is an integrated platform that enables collaboration among law enforcement agencies, banks, wallets, and other financial intermediaries to prevent the flow of stolen funds. Since its launch in April 2021, CFCFRMS has prevented over Rs 16 billion in fraud, benefiting more than 575,000 victims.
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