Spoiler Alert: The pig butchering scam is a new kind of cryptocurrency investment scam that is rapidly gaining traction.
Did you receive an unknown text message via WhatsApp, texts, social media, or dating apps like Tinder pretending that they’re trying to reach someone else? Did you know that was not a mistake, but Pig Butchering Scam? Be cautious! Scammers are onto something sinister this day.
Falling victim to this scam can have a significant impact, but there are steps you can take to protect yourself. Learn how to report and take action against these scammers.
How Does the Pig Butchering Scam Work?
The Pig Butchering Scam is a fraudulent scheme where individuals receive phishing text messages with the intention of stealing personal and financial information.
First of, the scammers create a fake profile to reach out to potential victims often through social media, WhatsApp, Tinder or other dating sites, and even random texts, masquerading as an incorrect number or an old acquaintance. Their aim is to initiate a cordial discussion with the victim, attempting to be their “new friend” or “lover”.
While building trust with the victim, they slowly introduce the idea of making a business investment using cryptocurrency. The victim is gradually drawn into what appears to be benign talk about cryptocurrency investments and earnings, but they are really being manipulated to make an investment.
This scam has the potential for financial fraud, as the texter can use the obtained information to access the victim’s accounts or make unauthorized transactions.
Red Flags to Detect in Pig Butchering Scam
Pay attention to these red flags that may indicate fraudulent activity.
Unfamiliar numbers:
Be cautious of messages coming from unknown or unusual sender numbers, especially if they claim to be from a reputable organization or service provider.
Poor grammar and spelling:
Scammers often make spelling and grammar mistakes in their messages. If you notice any errors, it could be a sign of a scam.
Pressure tactics:
Scammers often use high-pressure tactics to make you act quickly without thinking. They may threaten legal action or urge you to provide personal information or make immediate payments.
Requests for sensitive information:
If they ask for personal details like your Social Security number, bank account information, or credit card details, it’s a definite warning sign. Legitimate companies typically don’t ask for such information over the phone.
How To Protect Yourself From the Pig Butchering Scam
Do Not Engage:
Avoid responding to suspicious text messages or clicking on any links within them. This can help prevent scammers from obtaining personal information or infecting your device with malware.
Report the Text Message:
Forward the scam text message to your mobile carrier by sending it to the designated number or email address provided by your carrier. This helps them identify and take action against the scammers.
Block the number:
Use the call-blocking feature on your phone or install a trusted call-blocking app to prevent future calls from the same number.
Create Awareness of the Scam:
Spread awareness about scam text messages by sharing information with friends, family, and colleagues. Encourage them to be vigilant and cautious when receiving unexpected or suspicious texts.
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