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.

Also Read:

National Anti-Terrorism Day 2024