INSUBCONTINENT EXCLUSIVE:
A technique known as "pig butchering" has spread globally as a cryptocurrency scamIt appears that we'll have to learn some new
cryptocurrency scam jargon
began in China is now spreading across borders and languages, evolving into a global fraud
It's essentially a cybercrime including relationship and investment fraud
The offender builds a relationship with the victim over months, frequently romantic but not necessarily, similar to fattening a pig, before
enticing them to invest in a fake company and, metaphorically, slaughtering the victim.According to Global Anti-Scam Organisation, a
volunteer-led advocacy group, con artists on dating apps and social media groom targets for weeks to get them interested in investing in
cryptocurrency, forex, gold, and other commodities
The scammers do not directly ask for money, instead, they drive victims to a fake investment website or app that they control
In the end, the victims are not able to withdraw their money.The Global Anti-Scam Organisation even uploaded a video on YouTube, titled,
a 22-year-old, poured their heart out in a Reddit post to warn others of the scam
The victim then went on to explain in detail what happened.Find the complete post here:According to a report in The Wall Street Journal, the
number of romance-scam complaints increased in 2021 compared to 2020, based on consumer reports to the Federal Trade Commission (FTC)
The number of romance frauds reported to the FTC increased by approximately 70 per cent from 2020 to 56,000 in 2021
According to FTC data, victims reported losing $547 million in such frauds, a 78 per cent increase from the previous year.The report also
quoted a data researcher with the FTC's Bureau of Consumer Protection, Emma Fletcher, as saying that the COVID-19 may have provided a handy
excuse for scammers to say they are unable to meet in person, which may have fostered the continuous expansion of romantic scams.However,
there are a few ways you can stop falling prey to this scam, and other cryptocurrency scams in general.Exercise caution while making online
Don't be greedy, and resist the temptations of gambling and high-return investments
Don't transfer money to accounts or people you don't know
To avoid slipping into the trap, you should be cautious when transferring money to strangers.Control all your assets yourself, don't
delegate this responsibility to others
Digital assets, as a growing investment market, come with a lot of investment risks
Learn everything about digital assets, and participate sensibly if you wish to reap the rewards.Beware of phishing
Invest your digital assets in well-known and credit-worthy platforms
The most important thing to remember is to recognise the legitimate platform web URL and to avoid phishing websites that imitate the
official exchange platforms.If people realise they have been duped, they must act quickly to stop the loss
If the scammers contact the victim, their goal should be to gather as much information as possible about the fraudster's identity, location,
After that, promptly report to the police.
