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    Beware the “Butcher”: A New Scam Tricking Your Heart To Stealing Your Wallets

    • by secure_financial
    • Posted on 31 October, 2024

    If you haven’t heard there is a new online scam called “pig butchering” you need to be aware of. It’s not your typical phishing attempt, but a devious social engineering scheme preying on unsuspecting victims seeking love or friendship online. Pig butchering is a harsh and to some gross way to describe the scam but the amount of millions lost to it each year will truly make you sick. Even with American’s becoming more tech-savvy in 2023 there were an estimated 40,000 victims resulting to financial loses of over $3.5 billion.

    Scammers pose as charming individuals on what seem to be random texts or in messages on dating and social media apps, slowly building trust and affection over weeks or months. They might share fake stories of success, eventually guiding you towards “lucrative” investment opportunities, often in cryptocurrency. This initial “fattening” phase builds your trust and blinds you to the true purpose – “slaughtering” you by stealing your hard-earned money through fake platforms and fraudulent schemes.

    What are some of the warning signs and how can you protect yourself from becoming a victim of pig butchering.

    Warning Signs of a Pig Butchering Scam:
    • Too Good to Be True: Promises of extremely high returns with little to no risk are major red flags.
    • Pressure Tactics: Scammers push for quick investments and might discourage victims from seeking outside advice.
    • Romance Angle: A strong focus on building a romantic or emotional connection, especially early in the interaction.
    • Fake Platforms: Investment websites or apps that look professional but have inconsistencies or lack legitimacy.
    • Evasive About Details: Scammers will be vague about their investment strategies or refuse to provide clear documentation.
    How to Protect Yourself
    • Be Skeptical: Especially when dealing with anyone you meet online. Thoroughly research any investment opportunity.
    • Verify Information: Cross-check details like company names, websites, and investment licenses.
    • Never Rush Investments: Take time to do your own research. Don’t let anyone pressure you into acting quickly.
    • Seek Outside Advice: Talk to trusted financial advisors before making any significant investment decisions.
    • Report Suspicious Activity: If you suspect a pig butchering scam, report it to authorities like the FBI’s Internet Crime Complaint Center (IC3) – https://www.ic3.gov/.

    Important Note: Pig butchering scams are constantly evolving. Staying informed and vigilant is the best protection.

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