What Is Pig-Butchering Scam AND How to Prevent it?

Recently, WikiFX scam exposure system has received numerous broker complaints and in most of the cases, the scammers induced users to deposit money to invest on their platforms through online dating and it caused huge economic losses to some users.

This type of scam is generally referred to as a“Pig-Butchering Scam”, also known as“Romance Scam”. Hereby we introduces the detailed process of it and precautionary advice to prevent more users from being deceived.

Definition of “Pig-Butchering Scam”

“Pig-Butchering Scam” is a fraud method that induces users to participate in various types of fraudulent investments such as financial investments, gambling games, foreign exchange and other types of fake investments through online dating. Scammers call the deceived users “pigs”. Next, scammers will follow some established scripts and define themselves as rich and handsome/beautiful, then they will induce users to fall in love and try to gain trust. We call it “pig raising” during this stage. When it reaches a certain level of emotional foundation, scammers will start to lure the other party to invest, and the final stage of fraud is “kill the pig”.

Suggestions of The Prevention of “kill the pig” Fraud

Firstly, The “Three Donts” Principle

• “Don't believe it”, you need to be cautious when making friends online. Don't trust netizens, and don't believe in investment lies such as “stable profit without loss”, “low cost and high return” and so on.

• “Don't be greedy”, refuse the temptation of gambling and high-return investment, remember that only greed will be deceived because there is no such thing as a free lunch.

• “Don't transfer”, don't transfer money to unfamiliar accounts. When transferring money to acquaintances, you must also be cautious, and communicate more with your relatives and friends and ask more to prevent falling into a “trap”.

Secondly, The Security of Your Digital Asset

Users own assets need to be strictly controlled by themselves and not handed over to others to deal with, and fields that they are not familiar with must not be involved. As an emerging investment market, digital assets have a certain wealth effect and corresponding investment risks. If users want to be able to obtain benefits, they should learn through understanding and participate rationally.

At the same time, it is necessary to avoid buying and selling on behalf of others and betting on gambling. Put the digital assets on well-known platforms and platforms with good credit. The most important thing to pay attention to is to recognize the correct web URL of platforms and beware of phishing websites that counterfeit the formal exchange platforms. (See Best forex trading platforms in 2021 at the end of the article).

Thirdly, Suggestions and Recommendations

If a user discovers that he or she has been deceived, they need to stop the loss in time and do not believe those who tell them to invest more. While facing the scammers, you can pretend that you have not been scammed without knowing it, so as not to be stunned. The purpose is to collect as much information as possible of the identity, location, account number, and image data of the fraudster. After that, report to the nearby public security bureau immediately, let the police follow-up to get more useful clues and information for solving the case, and minimize the loss of the user.

Vice versa, you can also try anti-routines, falsely claim to invest more assets, and try to withdraw some assets from the fraud platform.