‘Pig Butchering Scams’: Zerodha's Nithin Kamath exposes new phishing websites mimicking Indian brokers | Explained
look similar to the websites of Indian brokers.'' ‘’Unwitting users who click on the app download links, etc., will be prompted to download the fake app. The goal is to get people to transfer money by taking advantage of their familiarity with these apps,'' added Kamath. According to reports, pig butchering scams have a global reach, with perpetrators often becoming victims themselves.
Many are lured into accepting international job offers only to find themselves coerced into scamming others. The cycle perpetuates as victims-turned-scammers continue the deceit, often under duress. In traditional pig-butchering scams, which originated in China and blew up during the pandemic, criminals pretend to cultivate a romantic or personal relationship with victims through dating apps or social media.
After gaining their trust over weeks of virtual conversations, the fraudsters manipulate them into investing in phony cryptocurrency investments. Once the criminals squeeze as much digital currency as they can out of the victims, they take off with the funds, sometimes robbing innocent people of their life savings, according to a Bloomberg report. Cybercriminals are selling the latest evolution of pig-butchering schemes in ready-to-go kits on the dark web, lowering the barrier to entry for scammers around the world, according to a report published Friday by cybersecurity firm Sophos.
'Pig butchering’ refers to the process of luring victims with flattery and companionship before leading them to a potential financial attack. When a victim finally breaks contact, the criminals persistently ping them on other platforms, like Facebook, WhatsApp, and Telegram. Some do so by utilizing generative artificial intelligence (AI) to create more
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