Two million accounts connected to pig slaughtering scams deleted by Meta.
By eliminating over two million accounts implicated in “pig butchering” schemes, Meta has taken a significant step against online fraud. These scams are intricate fraud schemes where criminals develop fictitious relationships online to mislead others into spending money in bogus plans, frequently including bitcoin.
Although the phrase may seem strange, it refers to the way con artists “fatten up” their victims by winning their trust before stealing all of their money. Usually, it begins with a casual text, a dating app, or a kind message on social media. The fraudster gradually persuades the victim to invest money in what appears to be a lucrative scheme by posing as a real person. To establish confidence, they might initially allow the victim to withdraw little sums, but ultimately, they take everything away.
The organized crime groups that operate these scams are primarily situated in Asia. Criminal organizations use phony employment advertisements that promise fantastic chances to recruit people in nations like Cambodia, Laos, and Myanmar. However, once being employed, employees are confined and compelled to defraud others while facing threats of violence. It’s a worldwide issue. According to a 2023 research, these criminal organizations have coerced approximately 300,000 people globally into falling for scams, stealing roughly $64 billion annually.
How the fraud operates
-Scammers fabricate profiles on social media or dating apps or send a pleasant message.They appear to be a reliable person and converse with the victim.
–They recommend investment in bitcoin or a “guaranteed” scheme, frequently through the use of phony websites or apps that appear professional.
–Small withdrawals may be permitted to victims in order to give them the impression that the scam is genuine.
–The scammers disappear with all the money whenever the victim makes new investments or attempts to withdraw larger amounts.
For more than two years, Meta has been addressing this problem. They have collaborated with law enforcement and non-governmental organizations to look into scam hotspots, particularly in Southeast Asia. They started off concentrating on Cambodia but have since broadened their efforts to include the UAE. Through the removal of millions of accounts and the dissemination of their discoveries, Meta aims to prevent people from being victims of these frauds.
Always exercise caution when responding to offers or messages you find online, especially if they seem too good to be true. Remain cautious if someone you met online starts discussing investments; it’s probably a fraud. To keep others and yourself safe, report any questionable activities.
