Context:
The Pig butchering scam is an online financial fraud costing investors millions worldwide including India.
What is Pig Butchering Scam?
- The term “pig butchering” has its roots in China (shāzhūpán). It refers to the practice of fattening a pig before slaughter, which appropriately describes the scammers’ strategy. They build trust with victims over time (“fattening them up”) before ultimately stealing everything they have (“slaughtering them”).
- Its type of financial fraud different from others because it uses emotions and greed as its main tools to deceive People, often through complex schemes.
- It can be initiated by an investment concept or even a romantic relationship.
- Those who fall victim to these scams often believe they are legitimate and profitable, leading them to gradually invest more money.
- Its gain global prominence during Pandemic.
How Do Scammers Operate?
- Finding their Prey: Scammers prowl social media, dating apps, and messaging platforms, searching for potential victims.
- Building Trust: They craft a personalized approach, feigning friendship or romantic interest. This emotional connection disarms victims and makes them more susceptible to manipulation.
- The Investment Hook: Once trust is established, the scammer introduces a seemingly foolproof investment opportunity, often through a fake trading platform.
- The Reel Them In: Fake profits are displayed, further enticing the victim to invest more money. This cycle continues until the victim is emotionally and financially drained.
- The Slaughter: Once the victim has invested a significant amount, the scammers vanish, leaving the victim with nothing but heartbreak and financial ruin.