Romance scams, the act of creating fake profiles on dating apps to swindle money from victims, have found their way into the crypto world.
One of these has the rather unflattering term ‘Pig butchering’ because the victim is ‘fattened’ through flattery and praise, then enticed to first send a little crypto, and then more, into a fraudulent investment scheme. The cybercriminal finally pulls the plug and disappears, ‘butchering’ the victim’s finances.
The scam typically occurs on dating sites and apps, targeting the lonely and emotionally vulnerable. It is also found on social media sites.
Pig butchering began in China in 2019, according to an announcement by the Federal Bureau of Investigation (FBI). It is now “alarmingly popular” in the US, says the law enforcement agency, with at least $439 million (R7.1 billion) swindled through pig butchering in 2021.
The ring of cybercriminals responsible for the recent uptick in cases uses translation software to target western victims.
One San Francisco-based man lost $1.2 million (R19.4 million) – 30 years’ worth of savings including his daughter’s education fund – after being targeted by a scammer who preyed on his vulnerability following the loss of his father.
Cases of pig butchering in California have tripled this year, reports ABC7 News, and seem to be targeting the Asian community specifically.
In January 2021, Interpol issued a Purple Notice – a type of informative brief detailing criminal…
