Pig butchering scams are becoming more sophisticated and the amount of damage is increasing day by day.
One report found criminals defrauded an estimated $75 billion From the victim. And just recently, the bust of an Asian criminal organization added another $46 million to that number.
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I spoke to many victims of pig slaughter. A man called my national radio show because a woman had sent him a DM on Facebook about investing in cryptocurrencies. He gave her money and did so. do not have I want to believe that I told him that he was being prepared for “massacre”.
Unsurprisingly, the advent of AI has made these crimes much easier to carry out. We've got the scoop on the latest tricks so you don't get scammed.
missing link
Pig butchering scams rely on a certain technique. It all starts with lovey-dovey and get-rich-quick promises for months to “make you fat.” And once they gain your trust, they send you to “massacre” you with cryptocurrencies and other financial scams.
Previously, these scammers would say “no” to video chats, so you wouldn't know that your new “girlfriend” or mysterious financial advisor was actually a network of sophisticated criminals.
Now they have enough deepfake software to swap faces in real time. With just a click, your video chat partner can change their appearance and “prove” who they are.
However, these scams will only work if you have a strong internet connection. In many countries where pig slaughter programs have begun, this is difficult to achieve. To solve that The problem is that scammers are buying Starlink satellite dishes.
The United Nations reports that 80 Starlink satellite units were seized in Southeast Asia between April and June this year. Thai police arrested 58 devices in June alone. In another raid, law enforcement agencies seized 10 Starlink satellites and about 5,000 pre-registered SIM cards.
real drain
“Crypto leakage” is also a growing fraud method. Criminals send links to trading platforms or services that look and feel legitimate. Once you connect your cryptocurrency credentials, your money will be redirected directly to the criminal's wallet.
Cryptocurrency leakers are also everywhere on social media. One campaign, which ran from March to December 2023, netted more than $59 million from more than 63,000 victims around the world.
chop shop
Pig butchering projects come in all shapes and sizes. Here are three outlandish stories to show you what to look for.
Link up: A 70-year-old man from Colorado met a young woman on LinkedIn. When he told “Nicole” he was dreaming of traveling to Scotland, she directed him to a cryptocurrency trading website. Eventually, he invested his retirement money and took out a second mortgage on his home.
The website showed he had more than doubled his money, but he was unable to withdraw money and received a warning that his account had been “flagged for illegal activity.” In the end, he lost his life savings, amounting to $500,000.
Love is blind: The Santa Monica software developer chatted with “Jenny” on a dating app for more than two months. Eventually, Jenny shared an investment opportunity. What started as a $1,000 cryptocurrency snowballed to a whopping $740,000. A friend intervened before the developer lost the house.
Totally despicable: An Illinois widow met an oil rig worker online. Despite not meeting in person, they officially announced their “relationship” and he started asking for money. The first time, the rig cost $20,000 to repair. He then asked for another $35,000. The demands continued, and eventually Erica wired him more than $1 million.
The man Erica loved left her a mortgage, taxes on retirement investment withdrawals, and $400 to Erica's name.
You see a through line to these stories, right? Criminals prey on someone's trust to get their hands on your wallet. You better believe that kind-hearted people will be your biggest targets.
What can I do to protect myself?
Pig butcher scammers are all over Facebook, LinkedIn, WhatsApp, and dating apps like Tinder and Bumble.
Here are six tips to avoid becoming a victim.
1.Do not respond to unsolicited text messages. If it's from an unknown number or social media account, 9 times out of 10 it's a scam. If the person continues to message you after you tell them the number is incorrect, press the “Block” button.
2.Don't confuse business with pleasure. Be wary of people who are quick to profess strong feelings for you and then ask for money. Online dating and investing rarely intersect.
3.Don't overshare: This includes sharing personal and financial information over text messages, especially with people you have never met in person.
4.Please do your homework: Even legitimate investment opportunities involve risks. Be suspicious of claims of high returns with little downside. Selection subject Red flag.
5.Not an emergency: Don't succumb to pressure from someone urging you to make a quick investment decision. If it's a real opportunity, it will happen next week. Otherwise it's a gamble the best.
6.Call a friend: When in doubt, get a second opinion on a situation or opportunity from someone you trust. in front You take out your wallet.
Think you were targeted? I know it's hard to admit, but reporting it may help others. You can file a report with the FBI through the Internet Crime Complaint Center (IC3).
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