Cases of fraud with the “Pig Butchering” scam are rife in Indonesia lately. So, how does this scam work?
Usually, fraudsters with this mode will make contact and communicate with potential victims in the long term.
To find out the definitions, characteristics, and tips to avoid them, see the full review below.
What is Pig Butchering?
In general, this scam is a mode of deception carried out by someone by building the victim’s trust through romantic relationships and romantic promises to emotionally convince the victim.
Then, the fraudster will persuade the victim to invest in a crypto company or website controlled by him. Not long after, the fraudster will pressure the victim to increase the amount of investment or funds until finally the fraudster takes all of the victim’s money or assets.
How Pig Butchering Works
So, how does this scam mode work?
In general, the perpetrators of this crime will send messages via social media, whether WhatsApp, Tinder, or other messaging applications that seem to be addressed to other people.
Usually, the scammer’s account is equipped with a profile photo of someone who looks attractive. During their action, the fraudster will usually ask the victim to send some money.
On the other hand, the scammer will also convince his victims to move their crypto assets from a fair exchange to a website run by the fraudster, which looks like an official crypto company.
Fraud with this mode can kill victims because the perpetrators have succeeded in building their trust over a long period. Fraudsters, in this case, also find a way to attract the emotions of their target.
Reflecting on cases that have occurred in Indonesia, some of the perpetrators of this scam mode will usually also give some funds to the victim, who is claimed as a return on the victim’s crypto investment.
The goal, of course, is to convince victims to invest more in the fake crypto company. However, when the victim tries to withdraw funds, the fraudster will usually notice a fee that must be paid if they want to withdraw the funds.
Pig Butchering Characteristics
The characteristics of this scam fraud crime to watch out for are as follows.
Using a fake identity
First, you must be wary of people who don’t use their real identities on social media. These fraudsters will make the victim unable to recognize his face and identity and challenge him to identify. In addition, the perpetrator will also show a luxurious lifestyle to deceive the victims.
Second, the perpetrator will usually invite the victim to get acquainted. Then, this fraudster will try to start a conversation to gain the victim’s trust. In this case, the fraudster will ask for many personal things, ranging from work and family to other things. The perpetrator’s purpose in doing so is to gather information to manipulate the victim.
Invite victims to invest
Third, when the perpetrator has started to know the victim well, he will begin to invite the victim to invest. At this point, he will prove that he has successfully invested and earned a lot of money. Perpetrators will usually encourage victims to sell their assets to invest with them.
Run away and lose contact
Fourth, if the fraudulent plan is successful, the perpetrator will block the victim’s social media and personal contacts, then run away and disappear without a trace. Furthermore, the victim can no longer apply for the withdrawal of the funds that have been invested earlier and only realizes that the website used is a cover for fraud.
Tips to Avoid Pig Butchering Scam
To avoid this fraudulent mode, here are several tips from the Chairman of the Investment Alert Task Force (SWI), Tongam Lumban Tobing, that the public needs to pay attention to:
Always verify the validity of every investment opportunity
Be wary of domain names impersonating legitimate financial institutions, especially cryptocurrency exchanges
Beware of misspelled URLs, often with slight deviations from official financial institution websites
It is highly recommended not to download/use any suspicious-looking app as an investment tool unless you can verify the legitimacy of the app
Thus a review of the pig butchering scam is essential to know. See articles about crypto assets, blockchain, and others only at Indodax Academy.