Zerodha founder and CEO Nithin Kamath. (File picture)
The scale of pig butchering scams in India runs into tens of hundreds of crores, and everybody round us is a possible sufferer, no matter whether or not they’re educated or not, says Nithin Kamath
Even because the circumstances of economic scams are on the rise, Nithin Kamath on Monday mentioned it’s scary how many individuals fall for numerous monetary scams. The founder and CEO of on-line brokerage agency Zerodha defined pig butchering scams and likewise instructed methods to guard your self from such scams.
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“The scale of pig butchering scams in India runs into tens of thousands of crores. It is scary how many people fall for fake job offer scams, scammy high-return investment schemes and crypto investments, etc,” Nithin Kamath mentioned in a submit on X.
What Is Pig Butchering?
Pig butchering is a sort of cyber rip-off the place scammers act like a pal or romantic companion to trick somebody into giving them cash for faux investments, jobs, and many others, after which run away with the cash.
“As the name implies, a pig butchering scam involves fattening the victim before butchering,” Kamath mentioned within the submit.
How Pig Butchering Scams Work?
Explaining the modus operandi, Kamath mentioned scammers achieve the belief of customers by utilizing faux profiles. They use the pretense of affection and friendship to achieve the belief of customers after which induce them to ship cash for jobs and excessive-return investments and steal the cash. “These scams are global, and their scope is staggering.”
“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,” he mentioned.
How To Protect Yourself
Kamath mentioned it’s important to speak about this ceaselessly with as many individuals as doable, given the size of the issue. Everyone round us is a possible sufferer, no matter whether or not they’re educated or not. Quick cash and a job overseas is a honeypot that will get many Indians to behave instinctively.
He instructed some tricks to shield from pig butchering scams:
1) Never reply to unknown messages on WhatsApp, social media platforms, and relationship apps.
2) If somebody asks you to obtain some new apps or open hyperlinks, that’s a pink flag.
3) These scams depend on exploiting your feelings like hopes, fears, desires, and greed. Never react in a rush.
4) Don’t panic. Most folks fall for these scams as a result of they react in a rush.
5) When unsure, go to the closest police station or discuss to a lawyer.
6) If somebody guarantees one thing like a job or excessive returns or asks you for cash, it’s a pink flag.
7) Never ever share personally identifiable data like your Aadhaar, passport or your monetary data like financial institution particulars, funding particulars, and many others.
8) If it sounds too good to be true, it most likely is.
