A new type of social engineering scam gaining publicity is known as "pig butchering". Unlike traditional scams using urgent requests to get money, this type of scam tries to build trust over a long period of time, like a farmer fattening a pig for slaughter.
The scammers operate on social media building a connection before introducing the fraud. There are five steps in the process:
- Initial contact from a seemingly trustworthy source.
- Building trust over a period of time.
- Introducing the scheme - some kind of financial opportunity.
- Asking the victim for money.
- The fraudster disappears with the money.
Individuals and businesses should be aware of these scams. Suggested precautions:
- Don't accept invitations from people you don't know, in reality or virtually. Make sure they are who they say they are.
- If someone starts messaging you, be careful with any response. Don't give out financial information.
- If you suspect you're being scammed, report it and take steps to protect your financial information.