Zerodha founder and chief executive officer (CEO) Nitin Kamath on Monday took to social media platform X to warn users against ‘pig butchering scam’ that is exploding in India and runs into thousands of crore rupees.
‘Pig butchering’ is basically a cyber scam that targets people using fake online messages and convinces them into making fake investments.
Kamath explained the modus operandi of these ‘pig butchers’ who win the trust of users through fake profiles. Such scammers use the pretence of ‘love and friendship’ to win the trust of users and then lure them to send money for jobs and high-return investments and steal the money. These scams are global, and their scope is staggering, Kamath added.
“What makes these scams even more cruel is that the person scamming could also be a victim of another type of scam. Many fall into the trap of international job offers from scammy companies. Once abroad, they are held captive and forced to scam Indians by building trust using social media platforms, typically using fake profiles of the opposite sex”, the Zerodha CEO added.
Kamath shared the link of a HT report on 16 Indians who had been held hostage by a fraudulent company in junta-ruled Myanmar. The Indian nationals had alleged that their employers took away their mobile phones and ID cards without which they could have no water or food.
How to protect yourself from ‘pig butchering scams’
Nithin Kamath also shared the screenshot of guidelines on how to protect onself from such cyber frauds. Here are the key points that you need to keep in mind.
1. Never reply to unknown messages on WhatsApp, social media platforms and dating apps.
2. If someone asks you to download some new apps or open links, that's a red flag.
3. These scams rely on exploiting your emotions, like hopes, fears, dreams and greed. Never react in a hurry.
4. Don't panic. Most people fail for these scams because they react in a hurry.
5. When in doubt, go to the nearest police station or talk to a lawyer.
6. If someone promises something like a job or high returns or asks you for money, it's a red flag.
7. Never ever share personally identifiable information like your Aadhaar, Passport or your financial information like bank details, investment details etc.
8. If it sounds too good to be true, it probably is.
3. These scams rely on exploiting your emotions, like hopes, fears, dreams and greed. Never react in a hurry.
4. Don't panic. Most people fail for these scams because they react in a hurry.
5. When in doubt, go to the nearest police station or talk to a lawyer.
6. If someone promises something like a job or high returns or asks you for money, it's a red flag.
7. Never ever share personally identifiable information like your Aadhaar, Passport or your financial information like bank details, investment details etc.
8. If it sounds too good to be true, it probably is.