Kamath outlined the strategy used by these "pig butchers," who gain users' trust by creating phony profiles. These con artists gain users' trust by posing as "love and friends," luring them into sending money for loans with high yields and jobs and then stealing the money.
Nithin Kamath, the CEO and founder of Zerodha, warned users on social media on Monday about a "pig butchering scam" that is exceeding tens of thousands of crores of rupees and is spreading throughout India. "Pig butchering" is essentially a cybercrime that uses phony internet communications to trick victims into parting with fictitious money.
Kamath outlined the strategy used by these "pig butchers," who gain users' trust by creating phony profiles. These con artists gain users' trust by posing as "love and friends," luring them into sending money for loans with high yields and jobs and then stealing the money. According to Kamath, the scope of these scams is astounding and they are widespread.
What is 'pig butchering scam'?
A pig butchering scam entails fattening the victim prior to butchering, as the name suggests. Users fall for scammers when they see phony profiles. They gain users' trust by posing as lovers and friends, after which they entice them to send money for jobs and profitable investments so they can steal it. These frauds have an astounding global reach.
The fact that the person perpetrating the scam may also be a victim of another kind of scam adds even more cruelty to these schemes. Many people are duped by fraudulent companies' offers of foreign jobs. The CEO of Zerodha continued, "Once abroad, they are kidnapped and forced to con Indians by establishing trust through social media platforms, usually by creating fictitious profiles of the other sex".
How to avoid falling for 'pig butchering scams’
1. Avoid responding to unidentified messages on dating apps, social media sites, and WhatsApp.
2. It's suspicious if someone requests that you open links or download new apps.
3. The basis of these scams is taking advantage of your hopes, fears, dreams, and greed. Never respond hastily.
4. Remain calm. Because they react too quickly, most people fall victim to these scams.
5. Seek legal advice or go to the closest police station if you're unsure.
6. It's a warning sign if someone asks for money or makes unrealistic promises, such as a job or large returns.
7. Never, ever divulge sensitive data such as your passport, Aadhaar, or bank or investment account details.
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