How to stay protected from pig butchering financial scams? Here are 7 key steps

livemint.com:

1.13 million fraud cases in 2023, and pig butchering is a new scam practice that is becoming more frequent. In simpler terms, pig butchering is a version of smishing where scammers use social media platforms for cyber theft. As the name suggests, the victim is being ‘fattened up’ through validation and friendship before ‘butchering’ i.e.

stealing of funds. A simple ‘Hi/Hello’ on a social media platform from a stranger’s profile can turn into a big scam.

Also Read: 'Pig butchering' scams: Zerodha's Nithin Kamath explains how these work, shares ways to remain protected Receiving messages or calls from wrong numbers was a rare occurrence a few years back. However, calls, text messages and connection requests from unknown people are becoming a frequent event on social media and dating applications.

As the online relationship progresses, the scammer introduces what seems like a golden investment opportunity. This less recognized yet equally harmful tactic involves fake job offers. Here, scammers prey on job seekers by offering attractive positions, sometimes overseas.

They use emotional manipulation to build trust. Scammers often go the extra mile by creating fake apps and websites that mimic real financial institutions. Throughout the scam, there's a heavy reliance on emotional manipulation.

The scammer might act as a romantic interest or a supportive friend. This emotional connection makes it harder for the victim to doubt their intentions. Once trust is established and the victim is emotionally invested, significant financial transactions are initiated.