Pig-butchering refers to how a target is fattened up before being slaughtered. A highly sophisticated form of a romance scam that uses emotional manipulation to target victims.
While the world tackled pandemic, vaccine mandates, and related issues, scammers spread a wave of financial fraud across nations.
No less harmful than the deadly virus, the money-swindlers deployed a new approach called "pig-butchering" to cheat people of their money, affecting thousands of individuals globally.
According to Canadian Anti-Fraud, "nearly US$100 million and US$14 billion were reported to be stolen from victims in 2020 and 2021 respectively- all lending to pig-butchering scams."
Another organization Cyber-Forensics.net, a cyber forensics service for online scam victims, also investigated the rising cases and revealed the following information:
How Do Pig Butchering Scams Work?
"Pig-butchering is a highly sophisticated form of romance scams where scammers work in organized crime gangs. They pose as attractive professionals or entrepreneurs- target love finders- and steal their money."
Scammers rely on initiating a relationship with a victim before convincing them to start a fraudulent investment. Well-educated individuals often conduct these crimes.
A 22-year old Reddit user poured her heart out in a post to warn people of a pig-butchering scam that ruined her life. The victim posted losing hundreds of dollars.
"These people are professional scammers; they're masters in manipulation. I've fallen victim to one, and I'm broken"-she recalled.
Account recovery specialist Peter Thompson investigated some of the cases and discovered "mostly, pig-butchering scammers target single women and men as well as new immigrants as their targets."
They use a combination of technological tools, fake social media profiles, and other online hunting techniques to make their targets believe they live close by and are willing to start a serious relationship. Once they gain their victims' trust, they use the obtained personal information to run their gimmicks.
Another technique to fool the victim is to play the role of dream partners that the love finders have been searching for. They shower their victims with love-filled messages and affection.
Chief analyst working at the fund recovery firm Cyber-Forensics.net says, "This stage of scam is called 'fattening the pig' before the unsuspecting victims before asking them to invest in fraudulent investment schemes."
However, there are a few protective measures that a victim can take if they have been targeted.
What To Do If Scammed Into A Pig-Butchering Scam?
When someone realizes they might be falling victim to a scam, trust the three don'ts:
- Don't believe anyone online: Be cautious for further actions. Never make friends online and reveal personal banking information. For example, how much money is in the bank and future plans with the investments? Never trust any investment scheme blindly -especially those that guarantee profitable returns. They are a clear red flag for trade investment frauds.
- Don't be greedy: Love is hard to find. And that is true. Never believe anyone online who promises far-fetched future goals. This allows deceivers to plan dreamy, appealing situations and become a base for cheating.
- Don't transfer any more money: Never transfer money to unfamiliar accounts. Be cautious of the communication channel. Consult family, friends, and relatives to get a second opinion.
Report the matter: After being scammed, it's always a good idea to report the scam to law agencies or local authorities. If the victim is based in the United States, they can file a complaint to the FBI. Doing this will ensure cybercriminals are caught and investigated.
Additionally, this will ensure the victims will receive proper help filing their taxes, insurance, and secure amount recovery from the scammers' bank.
However, the most important thing to notice is to report the matter immediately. Every law firm has a team to take on these cases and recover the lost funds whenever possible. The investigative teams can begin the investigatory procedures when victims file the cases immediately.
Secure the digital assets: If the victim cannot do so, they can hire fund recovery companies that will help victims secure their financial assets further. The professional teams will implement strictly controlled regulations corresponding with the risks that may have allowed scammers to take advantage.
At the same time, it is necessary to avoid further communication and eliminate spyware that may still be present in computer systems or smartphones.
Counseling: Needless to say, getting scammed can be devastating. At times, victims may feel hopeless and betrayed. They may even try to back out from filing any complaints, which in turn can be more destructive.
When contacting crime investigation agencies, ensure they have a workable plan to bring the criminals to justice. Along with it, look for emotional support.
The purpose of counseling is to stay informed. Whether it is about fraudsters being tracked, fund recovery, or the current status of the case, it is also advised to consider a reliable fund recovery service with good experience. Several reviews suggest Cyber-Forensics.net be a dependable name.
Cyber-Forensics.net is committed to providing the most accurate tracing service for victims of online scams. Cyber-Forensics.net empowers and simplifies the process of tracking down the cyber-criminals and assists in recovering the funds and creating an atmosphere for a negotiated settlement. For more information, please visit https://cyber-forensics.net/.