Online scams are spreading quickly, posing a big danger worldwide, as per the Wall Street Journal. Scammers are getting smarter with technology, always finding new ways to trick people. They often use emotions like excitement, hope, greed, and love to fool their victims, as shown in a recent case in the US.
Case Study: A Victim’s Story
Initial Contact and Deception:
It started with a harmless message on LinkedIn. A 75-year-old person from the Midwest got a message from someone named Violaine Chen, who said she was a rich trader from China living in San Francisco. She pretended to be successful and tricked the older person into believing her lies.
Building Trust and Relationship:
As they talked more, Violaine made the victim believe they were in a romantic relationship. They chatted every day, and she shared personal stories to make it seem like they were close. Feeling lonely, the victim trusted her more and more, falling further into her trap.
Investment Proposal and Financial Loss:
Violaine suggested an investment on a trading platform called FX6, believing they were in love and partners. The victim, convinced of their relationship and the opportunity to earn money, set up an account on an app called Fuex and deposited $1,500. Thinking they had a future together, he invested over $300,000. The app falsely showed their money growing to $1.5 million. When he tried to withdraw his funds, Fuex customer service, involved in the scam, blocked him and demanded more money to release his funds. He used all his remaining money, a bank loan, and a home loan, losing a total of $716,212. Despite reporting the crime to the FBI, he hasn’t recovered his money. He continues to grapple with the emotional and financial fallout of the scam.
Understanding “Pig Butchering” Scams
Definition and Origin:
Operation and Tactics:
These scams usually happen in faraway places, mostly in Southeast Asia and West Africa, where organized crime groups carry out elaborate plans. Scammers create fake profiles and use pre-planned conversations to trick people into investing a lot of money. They also use fake trading websites that show fake profits to keep the scam going.
Global Syndicates and Locations:
These scams aren’t limited to one place; criminal groups run them from different parts of the world. These places, sometimes linked to human trafficking and other crimes, make it hard for police to stop them.
How to Protect Yourself from “Pig Butchering” Scams
Awareness of Unsolicited Messages:
Be careful with messages you didn’t ask for on social media or professional sites. Don’t trust people you don’t know online.
Verification of Identities:
Make sure you know who you’re talking to by video chatting or meeting them in person. Don’t trust people who won’t do this.
Caution with Expressions of Love and Investment Opportunities:
Watch out for people who seem too romantic or want you to invest money soon after you meet them. Take your time to check if what they’re saying is true.
Research and Due Diligence:
Before investing, make sure to research the platform and check if it’s real from other sources. Stay away from platforms that don’t tell you much or promise too much money.
Monitoring Bank and Financial Alerts:
Keep an eye on your bank alerts for anything strange. If you see any weird transactions or someone asking for more money, tell the bank right away.
Importance of Privacy in Online Communication:
Don’t give your personal or financial info to people you haven’t met face-to-face. Keep some things private to stay safe from scams.
In summary, online scams like “pig butchering” are a big danger to people everywhere. By being careful, staying cautious, and keeping things private, you can lower the chance of getting tricked by these scams.