What is ‘pig butchering’ cyber scam flagged by MHA? All you need to know
6 days, 23 hours ago

What is ‘pig butchering’ cyber scam flagged by MHA? All you need to know

Hindustan Times  

The Ministry of Home Affairs has identified a new form of cyber fraud known as the “pig butchering scam”, involving large scale money laundering. Representational image) The new cyber fraud scam makes people lose money almost daily due to bad investments In its latest annual report, the MHA stated that the new investment scam started in China in 2016, targeting gullible and people including unemployed youths, housewives and students. The pig butchering scam involves a cybercriminal building trust with an individual and convincing them to invest money into a lucrative scheme, from which their money is then stolen. The MHA report also stated that these cybercriminals have been using Google "This scam, known as 'pig butchering scam' or 'investment scam' is a global phenomenon and involves large-scale money laundering and even cyber slavery," the report said.

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History of this topic

Cyber fraud called 'pig butchering scam' targeting unemployed youths: Centre
Trending News
6 days, 11 hours ago

Cyber fraud called 'pig butchering scam' targeting unemployed youths: Centre

India Today  

A new cyber fraud known as "pig butchering scam" or "investment scam" has emerged, targeting unemployed youths, housewives, students, and needy people who are made to lose large sums of money daily, according to the latest annual report of the Union home ministry. "Google The pig butchering scam, which is believed to have started in China in 2016, targets gullible …

Stop Calling Online Scams ‘Pig Butchering,’ Interpol Warns
3 weeks, 1 day ago

Stop Calling Online Scams ‘Pig Butchering,’ Interpol Warns

Wired  

The rise of so-called pig butchering investment scams over the past few years largely caught the world unawares, capitalizing on conditions surrounding pandemic lockdowns and global economic instability to fool people into giving away their money to attackers. But as researchers and law enforcement have scrambled to raise awareness about the crisis—including scammers’ use of forced labor—any way they can, …

‘Pig butchering’ crypto scheme costs San José man $170,000. Scammers wanted even more, prosecutors say
4 weeks ago

‘Pig butchering’ crypto scheme costs San José man $170,000. Scammers wanted even more, prosecutors say

LA Times  

The senior in San José suspected something was amiss when the woman who’d supposedly helped him buy $170,000 worth of cryptocurrency had asked for twice as much money to pay overseas taxes. He called the Santa Clara County district attorney’s office, which led to criminal charges against two Southern California residents accused of helping run a “pig butchering” scam — …

Meta bans 20 lakh accounts to combat 'Pig Butchering' scams
1 month, 1 week ago

Meta bans 20 lakh accounts to combat 'Pig Butchering' scams

India TV News  

Online scams have surged in recent years where so many people lost hefty sum of money. The scam, originating in several Asian countries has involved scammers building trust with victims through social media, dating apps, or text messages. Contact initiation : Scammers approach people via social platforms or apps. : Scammers approach people via social platforms or apps. Tips to …

Meta cracks down on ‘pig butchering’ scams, claims to have removed over 2 million accounts
1 month, 2 weeks ago

Meta cracks down on ‘pig butchering’ scams, claims to have removed over 2 million accounts

Firstpost  

Pg butchering scams involves fraudsters tricking victims — often found on social media or dating platforms — into fake cryptocurrency investments or financial schemes. Such scams have siphoned off more than $75 billion globally since 2020 Meta has been actively tracking the criminal networks behind pig butchering scams for the past two years, noting their increasing global spread. Described as …

Meta removed 2 million accounts linked to pig butchering scams: Know what it is and how it works
1 month, 2 weeks ago

Meta removed 2 million accounts linked to pig butchering scams: Know what it is and how it works

India Today  

Meta has taken a major step against online scams by removing over two million accounts involved in something called "pig butchering" scams. These scams are elaborate fraud schemes where criminals build fake relationships online to trick people into investing money in bogus plans, often involving cryptocurrency. How the scam works –Scammers send a friendly message or create fake profiles on …

Meta Finally Breaks Its Silence on Pig Butchering
1 month, 2 weeks ago

Meta Finally Breaks Its Silence on Pig Butchering

Wired  

Years into the escalating, multibillion-dollar global crisis of pig butchering scams, social media giant Meta released information for the first time on Thursday about its approach to combating the forced-labor compounds that fuel scam activity on its platforms and across the web. As pig butchering scams generate significant revenue for criminals, though, and spread around the world, Meta notes that …

Pig Butchering Scams Are Going High Tech
2 months, 4 weeks ago

Pig Butchering Scams Are Going High Tech

Wired  

As digital scamming explodes in Southeast Asia, including so called “pig butchering” investment scams, the United Nations Office on Drugs and Crime issued a comprehensive report this week with a dire warning about the rapid growth of this criminal ecosystem. “These developments have not only expanded the scope and efficiency of cyber-enabled fraud and cybercrime, but they have also lowered …

The Pig Butchering Invasion Has Begun
3 months, 1 week ago

The Pig Butchering Invasion Has Begun

Wired  

More than 200,000 people in Southeast Asia have been forced to run online scams in recent years, often being enslaved and brutalized, as part of criminal enterprises that have netted billions in stolen funds. Such “pig butchering” operations have largely been concentrated in Myanmar, Cambodia, and Laos, typically rooted in Chinese organized crime groups exploiting instability and poor governance in …

How South-East Asia's pig butchering scammers are using artificial intelligence technology
7 months, 3 weeks ago

How South-East Asia's pig butchering scammers are using artificial intelligence technology

ABC  

The video shows a young Asian man with stubbly facial hair and blond tips sitting in a gaming chair in a messy bedroom. Their trademark is "Sha Zhu Pan"or "pig butchering" scams in which victims are contacted through social media or text messages, befriended or seduced and then lured into fake investment schemes — usually cryptocurrency. "By using artificial intelligence …

How pig butchering scam is taking a toll on investors
9 months, 3 weeks ago

How pig butchering scam is taking a toll on investors

Live Mint  

The allure of making quick money from trading in the markets often leads to unpleasant consequences. To be sure, the pig butchering scam is a form of investment fraud wherein online scammers use a variety of deceptive tactics, include fake investment apps and websites, to persuade victims to invest more money before making the vanishing act. “I will now have …

Vida thought 'Graeme' was a real, genuine man. She lost $32,000 in an elaborate romance baiting 'pig butchering' scam
10 months, 4 weeks ago

Vida thought 'Graeme' was a real, genuine man. She lost $32,000 in an elaborate romance baiting 'pig butchering' scam

ABC  

Sydney single mum Vida* thought she'd met a lovely, genuine man on the dating platform Tinder. "I told him I had this crypto that I lost some money on, and he came back immediately and said 'funny you say that, I do bitcoin day trading and last night I made $3,000'," Vida says. "These scams involve sophisticated operations where criminals …

Zerodha CEO warns against pig butchering scam: What is it and how to stay safe
1 year, 1 month ago

Zerodha CEO warns against pig butchering scam: What is it and how to stay safe

India Today  

Online scams are rampant in India, with new cases of victims losing lakhs and crores to these online hawkers daily. Alarmed by the growing frequency of these scams, Zerodha Co-Founder and CEO Nithin Kamath recently shed light on a particularly sophisticated form of fraud known as "pig butchering" scams, which are estimated to have siphoned off tens of thousands of …

Pig Butchering Scams: What it means and how you can safeguard yourself? EXPLAINED
1 year, 1 month ago

Pig Butchering Scams: What it means and how you can safeguard yourself? EXPLAINED

India TV News  

Pig butchering scams: Every day we hear about new cases of online scams. 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 …

’Pig butchering’ scams: Nithin Kamath explains how they work, protection from it
1 year, 1 month ago

’Pig butchering’ scams: Nithin Kamath explains how they work, protection from it

Live Mint  

Amid the cases of financial scams on the rise, founder, and CEO of online brokerage firm Zerodha, Nithin Kamath, on 13 November said it is scary how many people fall for various financial scams. He even suggested methods to protect themselves from such scams, where people fall for fake job offer scams, scammy high-return investment schemes crypto investments, etc. It …

Pig Butchering Scams Are Evolving Fast
1 year, 10 months ago

Pig Butchering Scams Are Evolving Fast

Wired  

Pig butchering scams have already stolen hundreds of millions of dollars. Researchers found that to stay relevant and deceive more victims in recent months, so-called pig butchering attacks are developing both more compelling narratives to draw targets in and more sophisticated tech to convince victims that there’s big money to be made. The FBI’s Internet Crime Complaint Center received more …

What Is a Pig Butchering Scam?
2 years ago

What Is a Pig Butchering Scam?

Wired  

Digital swindles like business email compromises and romance scams generate billions of dollars for criminals. Now, a new variation of these schemes, known as “pig butchering,” is on the rise, ensnaring unsuspecting targets to steal all of their money and operating at a massive scale thanks in large part to forced labor. Often they’ll simply say “Hi” or something like …

Dentist falls prey to ‘pig butchering’ scam
2 years, 9 months ago

Dentist falls prey to ‘pig butchering’ scam

The Hindu  

A dentist fell prey to the “pig butchering” scam involving a woman purportedly from Hong Kong who cheated him of ₹81 lakh on the pretext of phenomenal returns on investments in cryptocurrencies. The modus operandi of those involved in such a scam is to establish contact with potential victims through women via social media platforms or dating apps and, over …

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