- About Us
We 365 Admin Support, just simplify your IT problems
Call for a free support. +91 96666 59505Platform Partnership
HIGHLIGHTS
Cybercrime continues to escalate at an alarming rate, and a particularly worrisome fraud has emerged online: the “pig butchering scam,” which is also recognized as an “investment scam.” This deceitful scheme specifically targets vulnerable demographics, including unemployed youths, homemakers, students, and individuals facing financial hardships. According to an annual report published by the Union Home Ministry, the implications of this scam have led to substantial daily financial losses for those affected.
The data compiled by the Ministry highlights a staggering number of reported cases across several platforms. As of March 2024, there were 14,746 reported complaints related to WhatsApp, 7,651 regarding Telegram, 7,152 against Instagram, 7,051 on Facebook, and an additional 1,135 cases on YouTube.
The pig butchering scam first took form in China in 2016 and derives its name from the metaphor of fattening pigs before they are slaughtered. This scheme operates by exploiting Google’s advertising platform to attract potential victims. Scammers employ cross-border advertisements as bait and use popular messaging apps and social media platforms, such as WhatsApp, Telegram, and Instagram, to promote fraudulent loan applications and schemes. After establishing a sense of trust with the targets, they manipulate individuals into investing in fictitious cryptocurrency projects or other dubious schemes. Tragically, once the victims invest their money, the scammers make off with the funds, leaving victims in financial ruin.
In response to the alarming rise in such scams, the Indian Cyber Crime Coordination Centre (I4C) has initiated measures to increase public awareness. They have partnered with major platforms like Google and Facebook to enhance real-time intelligence sharing to combat these fraudulent activities effectively.
Additionally, the Union Home Ministry has launched the Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS). This comprehensive platform facilitates collaboration among various stakeholders, including law enforcement agencies, banks, digital wallets, and other financial intermediaries. The main aim is to curb the movement of stolen funds and render timely assistance to victims. Since its inception in April 2021, CFCFRMS has successfully thwarted fraud attempts amounting to over ₹16 billion, protecting more than 575,000 victims in the process.
Also Watch:
