Smartphones and internet have given many conveniences in our life. However, it is not that this alone has given us relief. Internet has also created many problems. One of the biggest threats from the Internet is online scams and fraud. Cyber fraud cases have increased significantly in the last few years. Meta recently banned over 2 million social media accounts due to an online scam. These accounts were banned due to a scam called ‘pig butchering’.
‘Pig butchering’ added to the problem
The ‘pig butchering’ scam has become a common scam today. Mark Zuckerberg has decided to ban more than 2 million social media accounts to stop this scam from deceiving people. In this scam, scammers and cybercriminals lure people into a friendship trap and then trick them into putting money into bogus schemes.
In ‘pig butchering’ scams, scammers often ask people to invest money in schemes linked to cryptocurrencies. Scammers first make friends online and then gain trust through mutual conversations. Scammers slowly start extorting money from people. They lure them by promising huge profits on bogus schemes and then ask them to invest the money. As soon as people invest money, criminals steal all the money and disappear.
People are cheated by luring them
Let us tell you that in the ‘pig butchering’ scam, scammers mostly trick people by contacting them through social media, dating apps or text messages. Such scams are often run by large gangs. These scams are currently running in many Asian countries like Cambodia, Laos, Myanmar. Scammers also lure people to get jobs abroad.
According to a 2023 report, around 300,000 people are involved in ‘pig butchering’ scam gangs, while gangs involved in the scam steal around $43 billion every year. Meta has been investigating such online scams for the past two years. Meta has banned millions of accounts related to this scam. If you want to avoid scams and scams, you should avoid being lured by messages or offers from strangers on social media.
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