Crypto Investment Scams (Pig Butchering Scams) What They Are And How To Avoid Them – 2024

Crypto Investment Scams (Pig Butchering Scams) What They Are And How To Avoid Them

An Introduction to the Explosion of Crypto-Based Investment Scams

Authors:
• SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc.
• Cezary Podkul, ProPublica

About This Article

The “Pig Butchering Scam” crypto-based investment scam is an online investment fraud scheme where individuals are tricked into investing money by criminals posing as trustworthy contacts. These scammers use various tactics, such as creating fake identities and initiating conversations on social media or messaging apps, to gain victims’ trust.

Once trust is established, victims are manipulated into depositing funds into fake brokerage accounts. The scammers then disappear with the money, leaving victims with substantial financial losses. This deceptive practice preys on unsuspecting individuals’ desire for financial gain and highlights the importance of staying vigilant and reporting suspicious activities to authorities promptly.

Scammers Arrested In India Using A New Return Money Scam Tactic

A New Phone Scam Variation – Demanding the Return of Money Wrongly Sent

Author:
• SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc.

About This Article

In a recent cyber fraud case in India, a scammer devised a cunning scheme involving a fake hotel website, duping an unsuspecting accountant of Rs 49,500 under the guise of room booking charges. The arrest of the scammer, Zafar Khan, unveiled a sophisticated new scam approach granting scammers easy access to their targets’ mobile numbers.

Leveraging the ‘Friend Search Tool’ app, Khan identified potential victims and initiated phone contact under the pretense of returning mistakenly credited money.