Meta, in collaboration with major cryptocurrency companies, has announced a new online safety initiative aimed at combating the rising cases of online scams, including romance scams and financial fraud schemes known as pig butchering. The coalition, named Tech Against Scams, has joined the ongoing battle against cybercriminals who exploit social media and dating platforms to deceive unsuspecting victims.
According to Meta, the increasing use of social media, online dating platforms, and cryptocurrencies is also harbouring a space for online predators to use sophisticated tools to plan scams on an unprecedented scale. They try to connect with innocent users online and defraud them by tricking them, leveraging their emotional and financial vulnerabilities. These online scam cases have especially seen a rise in the last few years across the globe, specifically the cases of romance scam and pig butchering scam.
For the unaware in romance scam, fraudsters create fake identities on social media sites like Tinder or Hinge and establish intimate relationships with unsuspecting victims, typically through online dating platforms or social media. These scammers often employ flattery, affectionate messages, and promises of love and companionship to gain the trust and affection of their targets. However, once they manage to bond with the victim, they manipulate their victims into providing money or valuable information under false pretences, exploiting their emotions for financial gain.
On the other hand, in the cases of pig butchering scam, scammers build trust with victims over time before tricking them into investing money in fake or non-existent opportunities. Originating from China, the term “pig butchering” refers to the gradual process of gaining someone’s trust, akin to slowly cutting up a pig. Scammers often use lucrative offers and false promises of high returns to lure victims into investing large sums of money. However, once the victim has handed over their funds, the scammers disappear, leaving them with significant financial losses.