Fraudsters found, on the Internet, a fertile environment to commit their crimes. In it, it is possible to ally themselves with hackers who exploit weaknesses in the security system of banks. Thus, they take the opportunity to meet and approach people in a friendly tone and, in this way, apply blows that may be irreparable for many victims. The fraud ofpig slaughter” is one such scammer method. Learn more about this cyber scam:
Pig slaughter scheme
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In Brazil, during the end of year festivities (such as Christmas and New Year), care needs to be redoubled, whether to avoid virtual or street thefts. This happens because many crooks pay attention to the period in which people receive the 13th salary, in addition to labor benefits such as vacations and wage bargaining.
With that in mind, they devise scams like the “Christmas pix”, or act in person, like what became known as the “Pix gang”. In most cases, the victims are vulnerable audiences: young people with little defense capacity, lonely adults and elderly people who are not very familiar with technology.
However, attempts at financial scams are not limited to one period of the year, much less to Brazil: worldwide, the pig slaughter scheme is being hotly discussed and raises alarm bells in fintechs, banks and authorities around the world planet. Learn more about this scheme:
What is the Pig Slaughter Scheme?
It is a method of approaching possible victims in conversation applications, where a bond of friendship is formed and, soon after Therefore, the scammer presents himself as a successful cryptocurrency entrepreneur, and who will help him (her) conquer this financial life healthy.
For this, they direct them to a website that seems reliable and suitable, and encourages them to make investments in cryptocurrencies, depositing their money there. Therefore, it is a scheme in which the coup is better elaborated, takes more time, however, the damage is usually much greater.
How do they approach potential victims?
Thieves use chat apps such as WhatsApp. Generally, the approach is to pretend you were talking to someone face-to-face and went to continue the conversation but got the number wrong. So they send something like 'Hello Ted! I loved talk with you. Let's schedule a next date!'' so that you say ''I think you got the number wrong'' and then he continues the conversation, as if he wants to make a new friend.
What are the techniques for building trust?
To ensure greater reliability, at first, they can make video calls with you – thus, proving that they are real people, establishing a real bond. Once you have registered on the cryptocurrency site, they allow you to have small financial returns, as this will encourage you to invest more and more money. People at this stage, unfortunately, are already convinced and suffer major blows.
How to protect yourself?
Do not initiate conversations with strangers. As cool as the approach seems, this scam is difficult to identify, after all, you establish a bond of friendship and receive some investment amounts. So, to guard against significant losses, avoid following enrichment tips from people you don't know personally.
Which audience is most chosen by scammers?
The public that suffers most from these attacks are the elderly and lonely people of any age group, especially those who usually enter public chats to make friends. The losses are, in addition to financial, psychological: many of them considered the scammers as close friends. Therefore, authorities around the world observe the need to introduce financial education to the population.
Where are these scams most frequent and what is the total damage?
Digital extortion has been going on, along these lines, since approximately 2020, especially in China and Southeast Asian countries such as Cambodia, Malaysia and Indonesia. But Western countries are also increasingly suffering from these virtual attacks.
In 2021, the Internet Crime Complaint Center, an agency of the FBI, received about 4,300 reports of pig slaughter scams. The total damage was over US$429 million, around R$2 trillion.
