SMARTPHONE owners have been warned about a new type of scam that can steal their money.
Criminals are using dating apps to weasel their way into people’s wallets via a so-called pig butchering scam, cybersecurity company NordVPN warned.
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WHAT’S A ‘PIG BUTCHERING’ SCAM’?
“Pig butchering” refers to an investment scheme involving cryptocurrency.
Scammers typically lure their victims into fake crypto trading platforms and steal money after forming a romantic connection
“The pig butchering scam first spawned in China, where it’s known as the Chinese phrase Shāz Hū Pán (meaning, literally, ‘pig butchering’),” Adrianus Warmenhoven, a cybersecurity expert at NordVPN.
“The term itself is quite literal — the scammer gains the trust of their victim (the pig) and lures them into a complex scam (fattens it up) before taking the victim’s money (the butchering).”
In April, the US Department of Justice revealed that Americans have lost around $112million in cryptocurrency due to pig butchering scams.
HOW DOES THE SCAM WORK?
Scammers most often reach out via a message, usually on a dating app like Tinder or Bumble.
When the scammer matches with a potential victim, they begin to build a close relationship.
At some point, they will mention how much money they’ve made thanks to some sort of investment or app.
Eventually, they propose investment advice to their victim so they too can make money.
This is when they entice their victims to make investments in cryptocurrency.
Fraudsters may even provide fraudulent returns to keep a victim investing.
This, in turn, gives victims the impression that their funds are growing exponentially.
HOW TO STAY SAFE
NordVPN noted a few ways individuals can mitigate their risk of being scammed.
First, be wary of anyone you meet online – especially if they exhibit red flags such as love bombing or asking for personal information.
Second, always verify the validity of any investment opportunity from strangers on social media websites.
Last, it’s important to ensure your logins are secure with a password manager and antivirus software.
