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Pig Butchering

22nd May, 2024

Pig Butchering

Disclaimer: Copyright infringement not intended.

In News

  • A 32-year-old woman joined a Telegram channel was impressed by stock tips, and invested Rs 25 lakh, only to lose it all.
  • She was one of 200 victims scammed via Telegram, Instagram, and WhatsApp.
  • Despite numerous arrests, these scams persist.
  • Police advise against joining unverified channels and stress verifying investment advisors' identities.

About Pig butchering

  • Pig butchering is a global investment fraud, originating in China, that gained global prominence during the pandemic.
  • It involves emotionally manipulating victims into making large investments.
  • Pig butchering can start with an investment pitch or a romantic relationship.
  • In this, victims are made to believe the investment is legitimate and profitable.
  • They progressively invest more money over time.
  • In Pig butchering emotions and greed are exploited to deceive victims effectively.
  • The scam is highly sophisticated and convincing.
  • The scam's success hinges on making victims believe in the legitimacy and profitability of the investment.

Role of Social Media

  • Scammers now utilize messaging platforms, dating apps, and social media.
  • This gradual approach builds rapport and trust, unlike traditional unsolicited methods.
  • Leveraging modern channels enables scammers to craft intricate stories and exploit vulnerabilities, making detection harder.

SOURCE: ECONOMICTIMES

PRACTICE QUESTION

Q. Which of the following best describes the technique employed in the 'Pig butchering' investment fraud scheme?

a) Direct financial coercion

b) Emotional manipulation

c) Legal loopholes exploitation

d) Technological hacking techniques

Answer: b) Emotional manipulation

Explanation:

The 'Pig butchering' investment fraud scheme relies on emotionally manipulating victims into making large investments. This involves exploiting their emotions and greed to deceive them effectively, making them believe in the legitimacy and profitability of the investment."