To put it simply, pig robbing is a form of smishing in which fraudsters exploit social media platforms to engage in cyber theft. As the name suggests, the victim is “fattened” with validation and friendship before the “slaughter”, i.e. the theft of funds. A uncomplicated “Hello” on a social media platform from a stranger’s profile can turn into a large scam.
Also Read: Pig Robbery Scams: Zerodha’s Nithin Kamath explains how they work and shares ways to stay protected
How does pig slaughter fraud occur?
A few years ago, receiving messages or calls from wrong numbers was occasional. However, calls, texts and connection requests from unknown people are becoming a common occurrence on social media and dating apps. As the online relationship develops, the scammer introduces what appears to be a golden investment opportunity.
This lesser-known but equally harmful tactic involves imitation job offers. In this case, fraudsters prey on job seekers by offering attractive positions, sometimes abroad. They exploit emotional manipulation to build trust.
Fraudsters often go to great lengths to create imitation apps and websites that imitate real financial institutions. Throughout the scam, we rely heavily on emotional manipulation. A cheater may act as a romantic partner or a supportive friend. This emotional connection makes it harder for the victim to doubt their intentions.
Once trust is established and the victim becomes emotionally invested, significant financial transactions are initiated. Whether it’s imitation investments or fraudulent job offers, the ultimate goal is the same: to extract as much money from the victim as possible.
Read also: Beware of Scams: Tips for Investing Safely in the Digital World
Essential steps to protect yourself from these scams
Stay updated: The first step in protecting yourself from financial fraud is to be aware that it exists. Knowing what they do can support you identify and avoid them before it’s too overdue. Scammers are constantly developing fresh and sophisticated tactics to exploit vulnerable people, so it’s crucial to remain vigilant.
Always double check: If someone online suggests an investment or a job, research it carefully. Search for a company or offer online, read reviews and check if it is recognized by official authorities.
Be vigilant with your online friends: Always be careful when talking to people you’ve just started talking to, especially if they start talking about finances or investments. Avoid discussing financial matters with people online.
Keep your personal information to yourself: Never share your personal or financial information such as bank account details, passwords and other confidential information with someone you have just met online. Sharing personal information makes it easier for fraudsters to break into your bank accounts, so be careful who you share it with.
Never make hasty financial decisions: If you feel pressured to invest quickly or pay for a job opportunity, this is a major red flag. Scammers often try to create a sense of urgency by getting you to act before you even think about it. Take the time to examine the merits of any investment or employment prospect.
Always check the source: Don’t just take their word for it. Do your research. Search for the company or investment platform mentioned. Check the company’s physical address, licensing information, customer reviews and social media presence. Details link to many credible sources.
Employ the second option before investing: Before making any investment or sharing personal information, talk to someone you trust, such as a financially educated family member, friend or professional financial advisor. Sometimes just talking about it out noisy can reveal warning signs you may not have noticed at first.
Read also: Digital Asset Protection: How Cyber Insurance Can Provide a Safety Net in the Face of Growing Cyber Threats
The key was taken away
While fraudsters continue to develop fresh and sophisticated tactics, the key is to arm yourself with awareness, caution and diligence. By remaining alert to warning signs, validating any opportunities that arise, and resisting the temptation to make hasty decisions, individuals can significantly reduce their risk of becoming victims.
If an investment proposition or opportunity seems too good to be true, trust your instincts and analyze it carefully. It’s better to miss a potential opportunity than to lose your hard-earned money to a clever scammer.
Dhiren.V. Dedhia, Director of Enterprise Solutions, CrossFraud
Posted: Apr 27, 2024 10:31 am EST
