We Save You Time and Resources By Curating Relevant Information and News About Cybersecurity.

best-cyber-security-news

Secrets Of The Cyber Butcher: Pig Butchering Tips From Cybersecurity Pros

By Tom Seest

What Do Cybersecurity Experts Know About Pig Butchering?

At BestCybersecurityNews, we help entrepreneurs, solopreneurs, young learners, and seniors learn more about cybersecurity.

Pig butchering is an investment scam that uses time-tested fraud techniques to trick victims into investing large sums of money. It involves social engineering tactics, which include targeting victims through apps, websites, and web hosts (in many cases, human trafficking victims) in an effort to build trust over several weeks or months.

What Do Cybersecurity Experts Know About Pig Butchering?

What Do Cybersecurity Experts Know About Pig Butchering?

Uncover the Secrets of Pig Butchering in Cybersecurity

Pig butchering is an intricate form of social engineering that relies on the time-tested strategy of fattening up your target over weeks or months of interaction. It utilizes apps, websites, and human actors – including human trafficking victims – to build trust with you before duping you into investing in fraudulent crypto investment platforms that promise massive returns.
The scam typically begins with a cold message on WhatsApp, social media, or dating apps like Tinder that comes from someone you have never met before. The person behind the chat pretends to be your friend and invites you into an intimate or mature conversation that could turn toxic quickly.
They will typically indicate their romantic interest in you and that they would love to spend some quality time with you. They might offer something that appears legitimate – like a vacation, plane ticket, or other expensive gift.
You may have an inkling that something is fishy, but you may not be able to identify exactly what it is. Scammers often use fake profiles to lure victims into contact and then proceed with building rapport with them through multiple conversations that last days or weeks.
Once you feel confident investing money with them, they will direct you toward elaborate online crypto trading platforms with thousands of active investors. In addition, they provide extensive study materials and tutorials on cryptocurrency investing as well as advice to team up with more experienced investors.
However, it’s essential to note that these investment platforms and the individuals behind them are often linked with organized crime gangs in Asia who prey upon young job seekers with promises of customer service jobs at call centers. Unfortunately, these gangs will often require their victims to work at these scam centers for either minimal compensation or none at all.
Losers of money to scams typically have to go through the courts to recover their funds. While some may be successful in recovering their losses, others may not. It’s why it’s so essential for individuals to remain alert and vigilant when communicating with anyone on dating apps, texts, or any other social media platform.

Uncover the Secrets of Pig Butchering in Cybersecurity

Uncover the Secrets of Pig Butchering in Cybersecurity

What Does Pig Butchering Involve in Cybersecurity?

Pig butchering, a type of cybercrime that’s becoming increasingly commonplace in Western nations, has its origins in China. It’s similar to cryptocurrency romance scams but with one notable distinction: bad actors often take advantage of their victims by overfeeding them and then using them to invest in cryptocurrency – often as an easy way to make quick cash.
Data from Chainalysis, a cybersecurity firm that monitors online fraud, indicates that around 12% of people who use dating apps in the United States have been victims of pig butchering. They’ve been duped into sending large sums of money to criminals posing as crypto-sheriffs, who then disappear without a trace after taking their funds.
Pig butchers typically begin by creating an online persona that appears legitimate. Their profile photos and images convey a glamorous lifestyle, plus they will offer an appealing explanation for their interest in you.
Once they receive your message, they’ll begin engaging with you – typically via messaging apps such as WhatsApp. They’ll begin by asking about your interests and hobbies, such as sports, golfing, traveling, or fitness.
Once they establish some rapport, they’ll begin probing you about your investments and the state of cryptocurrency. They may show you how to download apps that appear to be real-time market data in an effort to convince you to invest in their bogus platform.
At first, they may encourage you to invest in a small number of coins, which they will manipulate to appear as large returns. But once the con artist gains your trust, they’ll move on to tempting you to trade larger sums of money on their own fraudulent trading platforms and ultimately siphon off all your funds.
According to data from Sophos, pig butchers have been stealing millions of dollars from their victims across America and beyond.
In the United States, these scams are most frequent in South and West regions; however, they have been reported by individuals from all over. According to Sophos, these threats are especially urgent given that the COVID-19 virus is spreading throughout Europe and there’s growing financial desperation among crypto users who lack funds for taxes or investments.

What Does Pig Butchering Involve in Cybersecurity?

What Does Pig Butchering Involve in Cybersecurity?

Is Your Cybersecurity at Risk of a Pig Butchering Scam?

Pig butchering scams have become more sophisticated over time, making them increasingly risky for web users. It’s essential to recognize the warning signs of a pig butchering scam so you can take precautions and protect yourself from becoming a victim.
Pig butchering scams are typically perpetrated by a con artist who contacts victims through dating apps, social media platforms like WhatsApp or WeChat, or through random text messages claiming that they have the wrong number or are an old acquaintance. Typically, this individual attempts to build rapport with the victim by sharing details about their life and offering assistance with financial matters.
The con artist may request money to invest, claiming they have heard about a cryptocurrency trading or investing app offering guaranteed returns. This can be an effective strategy for seducing victims into investing more funds into the scam.
Once the victim sends money to a scammer, they use it to purchase fake crypto trading apps or exchanges that appear legitimate and offer high returns. After some days have passed, victims may be told they’ve won large sums of money on their initial investment; however, once again, all of the victims’ funds are taken by the con artist.
When victims attempt to withdraw their money, they may be told they need to pay a fee or taxes in order to receive it back. This can be an incredibly frustrating experience, particularly when they have invested a considerable amount of personal funds.
Another common method used by pig butchering scams is using cryptocurrencies to launder victims’ funds. Cryptocurrencies offer convenience yet lack a paper trail that law enforcement can follow to track down funds and identify the perpetrators.
Therefore, it is essential to monitor your finances online and report any suspicious activity to law enforcement. In some cases, cybercriminals could gain access to personal accounts and take out loans in your name or empty out your bank account. If you believe someone has been scamming you, try an identity theft protection service that will keep tabs on all financial activity and alert you if anything looks fishy.

Is Your Cybersecurity at Risk of a Pig Butchering Scam?

Is Your Cybersecurity at Risk of a Pig Butchering Scam?

Can I Avoid Being a Victim of a Pig Butchering Scam?

Pig butchering is an online investment scam that uses social engineering techniques to steal money and cryptocurrency. Typically, this involves a scammer pretending to be either a friend or romantic partner and using apps or websites that look like trading platforms. Once they gain your trust, the scammer may encourage you to invest in their phony crypto app or exchange.
At this initial stage, fraudsters will attempt to build a friendly relationship and gain your trust through chats or emails. They’ll use suggestive language and send you provocative photos of themselves. Eventually, they may suggest taking the conversation offline via private messenger like Telegram or WhatsApp.
Once this has been established, the fraudster may invite you to join a group chat where they’ll discuss ways of making money. They may even assist in setting up a Coinbase or Crypto account so that investors can invest.
This is an essential step, as the pig butcher will continue to manipulate you until you become emotionally and financially invested in them. Ultimately, they’ll take all of your money and run away with it.
In some instances, pig butchers will use your personal information to take out loans in your name or empty out your bank account. This type of identity theft is difficult to detect and a serious concern.
Fortunately, you can take action to safeguard yourself against a pig butchering scam by steering clear of fake crypto trading platforms and investing only in trustworthy financial services. Furthermore, using a financial fraud protection service to monitor your credit, bank, and investment accounts is another great way to stay protected.
It’s essential to remember that this type of scam often involves anonymous cybercriminals. Unfortunately, the money sent will be untraceable, and it is almost impossible to obtain your funds back.
Another essential thing to remember is that if someone claims they have a lot of money and wants to share it with you, they probably aren’t genuine. This indicates they may be operating a crypto scam and won’t give back any of your money.

Can I Avoid Being a Victim of a Pig Butchering Scam?

Can I Avoid Being a Victim of a Pig Butchering Scam?

Please share this post with your friends, family, or business associates who may encounter cybersecurity attacks.