The pig-butchering scam might sound funny to ears but can have a harmful impact and you should know how to protect yourself from it. To begin with, pig-butchering is related to investment fraud where scammers tempt you to invest in legitimate ventures and promise high returns in a short period.
Why it is called pig-butchering? It is so because, in such types of scams, the fraud party tries to fatten up victims with false hopes that they will receive huge interests and profitable outcomes. These scams generally begin on social media where scammers collect funds and leave the victim in financial losses.
How to protect yourself from the Pig Butchering scam?
There are simple tricks that you can apply to protect yourself from such scams as well as fraudulent:
- Exercise caution with unknown messages and group chats
- Verify the authenticity of brokers
- Monitor the identity of a person before trusting them with financial matters
- Stay informed regarding scam matters
- Report suspicious activity to law enforcement