DIGITAL SWINDLES LIKE business email compromises and romance scams generate billions of dollars for criminals. And they all start with a little bit of “social engineering” to trick a victim into doing something disadvantageous, whether that’s trusting someone they shouldn’t or sending money into the void. Now, a new variation of these schemes, known as “pig butchering,” is on the rise, ensnaring unsuspecting targets to steal all of their money and operating at a massive scale thanks in large part to forced labor.
Pig butchering scams originated in China, where they came to be known by the Chinese version of the phrase shāzhūpán because of an approach in which attackers essentially fatten victims up and then take everything they’ve got. These scams are typically cryptocurrency schemes, though they can involve other types of financial trading as well...Continue reading
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