The use of scams to dupe innocent people in India is at an all-time high. And these days a new type of the same, pig butchering scam, is in action. The pig butchering scam or investment scam is mainly targeting housewives, students, unemployed young individuals, and more. As per a report published by the Union Home Ministry of India, a lot of people are losing their money on a daily basis because of these scams. Moving forward, we will understand what the scam is and how you can stay safe from this one.

Pig Butchering Scam: What is it and how to stay safe?

In the pig butchering scam, the scammers focus on building a long-term relationship with the victims to first fatten them up emotionally as well as financially. The name of the scam comes from the metaphor saying fattening the pig before slaughtering. Scammers first reach out to the potential victims via social media platforms, dating sites, messaging apps, or maybe even on email.

After that, they pose as friendly strangers, romantic partners, or maybe even financial advisors. The scammer spends weeks or even months gaining the trust of the victim by engaging in frequent conversations and forming a personal connection. Once the victim starts trusting the scammer, there introduce the former to a fake investment opportunity that revolves around stocks or cryptocurrency in most of the cases.

These scammers claim that the investment scheme have high returns with zero risk. Now, in the beginning, the victims are allowed to make small profits, but after a while, when the victim invest a large amount, the scammers literally vanish in thin air.

To stay safe from this kind of scam, you can simply avoid making connections with strangers on social media platforms. And if you do, then make sure you don’t trust them blindly and start investing in a scheme that looks even slightly fishy.