Unmasking the 'Pig Butchering Scam': A Global Cyber Threat

The 'Pig Butchering Scam' is an emerging cyber fraud targeting vulnerable groups like youths and housewives. Originating in China, criminals build trust with victims to steal their investments in cryptocurrency. Efforts by India’s cybersecurity units, in partnership with major tech companies, aim to curb this global menace.

A new cyber fraud known as the 'Pig Butchering Scam' is making waves globally, targeting vulnerable populations such as unemployed youths and housewives, according to the Union home ministry's latest annual report.

This scam reaches victims by building trust over time, eventually convincing them to invest in dubious cryptocurrency schemes, resulting in significant financial losses. Google and social media platforms like Facebook and WhatsApp have reportedly been misused in these efforts, prompting actions by cybersecurity agencies.

The Indian Cyber Crime Coordination Centre (I4C) has partnered with Google and Facebook to combat these scams by tracking illegal applications and sharing intelligence. Efforts also include a Cyber Volunteer Framework and an integrated reporting system that has saved over Rs 16 billion from cyber fraudsters since its inception in April 2021.

(With inputs from agencies.)