Thousands of people have likely been affected by the Pig Butchering scam going viral in the crypto investing community.
The FBI states that America is facing a “pig butchering” issue, costing the victims millions of dollars.
The expression “pig butchering” is used to describe when scammers take advantage of an unknowing victim and convince them to invest money on the false promise of a high return.
A leader of a multi-agency task force that combats technology-related crimes explains that scammers “trick their victims into thinking they’re investing money into something by having them put it into cryptocurrency. The agent states that after criminals get their victims’ digital wallets filled with money, they steal them.
According to the agent, pig butchering scam operations traditionally start with a simple approach: scammers send out millions of unsolicited messages daily through text messages and social media containing seemingly harmless phrases such as “how are you doing?” to unsuspecting victims.
Scammers working under a false identity form connections with their victims, often over only a few weeks, then suggest the victim put money into cryptocurrency.
Scammers use an approach to assure the victim that they have made significant profits by investing in cryptocurrency to convince them that they also should not miss out on the advantages of investing in digital currency.
People tricked by the scam are persuaded to give more and more money, receiving fake financial statements that seem like the investment earned lots of profits.
Scammers do well during the holiday season because people who feel lonely are easier to target. Although the original vehicle for the fraud is straightforward, the FBI reveals that in-depth research found luxurious fraud operations being conducted in Cambodia, China, and other overseas countries exhibit highly advanced practices.
According to the agency, psychologists have taught these people how to control people, utilizing various psychological approaches to make them susceptible and easier to convince into spending money.
According to experts, being vigilant and paying attention are essential in protecting yourself from online predators.
Another agent from the FBI warns that if someone develops a connection with you on social media/dating apps and urges you to invest, be very cautious as you could be easily duped.
As online shoppers make billions of dollars in purchases during the holiday season, the Federal Bureau of Investigation (FBI) has observed an increase in Amazon scams. Unfortunately, online criminals have no limits to their imagination and have great instincts for timing.
Not Just Pig Butchering Scam Emails, But Amazon And Sweepstakes Also
According to the FBI, one type of scam involves someone calling from Amazon or another wholesaler distributor and claiming an issue with your credit card. Then they ask for a new credit card number.
An alternative Amazon scam consists of someone calling a potential victim and stating that a suspicious purchase on their account has been reported, thus causing it to be blocked. They then ask the victim to pay using their credit card to restore the account.
Fisher states that people executing the scam “may even intimidate you with threatening to report your purchase to law enforcement,” adding emphatically, “Don’t fall for it!”
Amazon’s security team wants customers to know they will never ask for personal information, and any emails requesting account data or personal information should not be answered.
The company announced that it has taken down thousands of online phishing websites and telephone numbers used in impersonation scams and reported potential scammers to law enforcement agencies worldwide.
Amazon’s vice president of Selling Partner Services has warned scammers who try to copy Amazon put customers in danger. Despite these scams happening outside the store, they will still invest in protecting shoppers and showing them how to stay away from fraud.
According to the FBI, other types of scams that become prominent during the holiday target mainly older adults. Scammers often target the elderly because they can be trusted, and many possess more funds.
PCH sweepstakes scams involve victims being congratulated for winning a prize but then being asked to pay high taxes and processing fees before receiving it. Real sweepstakes will never ask you to pay before collecting the money.
The FBI recommends people keep an eye on elderly relatives and friends to see if they’re susceptible to cyber criminals.