{"id":296568,"date":"2024-05-22T18:30:52","date_gmt":"2024-05-22T13:00:52","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=296568"},"modified":"2024-05-22T18:30:52","modified_gmt":"2024-05-22T13:00:52","slug":"pig-butchering-scam","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/pig-butchering-scam\/","title":{"rendered":"Pig Butchering Scam"},"content":{"rendered":"<p><strong>Source-<\/strong>This post on <strong>Pig Butchering Scams<\/strong> is based on the article <strong><a href=\"https:\/\/economictimes.indiatimes.com\/wealth\/invest\/pig-butchering-stock-market-get-rich-quick-scam-telegram-instagram-whatsapp-used-to-steal-lakhs-from-investors-tactics-used-how-to-stay-safe\/articleshow\/110167547.cms?from=mdr\" target=\"_blank\" rel=\"noopener\">&#8220;Pig-butchering stock market get rich quick scam: Telegram, Instagram, WhatsApp used to steal lakhs from investors; tactics used, how to stay safe&#8221;<\/a> <\/strong>published in \u201cEconomic times\u201d on 22nd May 2024.<\/p>\n<h2>Why in the News?<\/h2>\n<p>Pig Butchering Scams <span style=\"color: #ff0000;\">are on the rise globally including in India<\/span>. It is a type of online financial fraud.<\/p>\n<h2>About Pig Butchering Scam<\/h2>\n<figure style=\"width: 330px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/i0.wp.com\/res.cloudinary.com\/dlpitjizv\/image\/upload\/v1695130001\/20230918_What_is_a_Pig_Butchering_Scam_and_How_Can_You_Avoid_It_Inline_2_6512ebeff2.jpg?resize=330%2C330&#038;ssl=1\" alt=\"Pig Butchering Scam \" width=\"330\" height=\"330\" \/><figcaption class=\"wp-caption-text\">Source: dotsecurity.com<\/figcaption><\/figure>\n<p><strong>1. About Pig Butchering Scam:<\/strong> It is also known as a <span style=\"color: #ff0000;\">&#8220;sha zhu pan&#8221; scam.<\/span> It is a type of <span style=\"color: #ff0000;\">online investment fraud.<\/span><\/p>\n<p>The term &#8220;pig butchering&#8221; comes from the scammers&#8217; practice of &#8220;fattening up&#8221; their victims by building trust over time before &#8220;slaughtering&#8221; them and stealing their money.<\/p>\n<p><strong>2. Execution Method: <\/strong><\/p>\n<p>a) Scammers, or &#8220;hosts,&#8221; initiate contact through social media, dating apps, or misleading messages. The host establishes a fake relationship or friendship with the target, referred to as the &#8220;pig.&#8221;<\/p>\n<p>b) The scammer introduces the<span style=\"color: #ff0000;\"> concept of cryptocurrency trading to pique interest<\/span>. Victims are directed to a fraudulent trading app, where they are misled to believe they are making profitable trades.<\/p>\n<p>c) As trust builds, <span style=\"color: #ff0000;\">the scammer persuades the victim to increase their investment, effectively &#8220;fattening&#8221; them for the scam<\/span>. When victims attempt to withdraw funds, they face excuses or high fees from the fake platform, revealing the scam&#8217;s true nature.<\/p>\n<p><strong>3. Challenges in Fund Recovery:<\/strong> Due to the <span style=\"color: #ff0000;\">irreversible nature of blockchain transactions<\/span>, recovering lost funds is often extremely challenging.<\/p>\n<p><strong>UPSC Syllabus: Science and technology<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source-This post on Pig Butchering Scams is based on the article &#8220;Pig-butchering stock market get rich quick scam: Telegram, Instagram, WhatsApp used to steal lakhs from investors; tactics used, how to stay safe&#8221; published in \u201cEconomic times\u201d on 22nd May 2024. Why in the News? Pig Butchering Scams are on the rise globally including in&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/pig-butchering-scam\/\">Continue reading <span class=\"screen-reader-text\">Pig Butchering Scam<\/span><\/a><\/p>\n","protected":false},"author":10366,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,1738],"tags":[11872,10596],"class_list":["post-296568","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-science-and-technology-daily-factly-articles","tag-9pm-daily-factly","tag-economic-times","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/296568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10366"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=296568"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/296568\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=296568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=296568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=296568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}