How to protect yourself from Pig Butchering scams

Crypto scammers are getting savvier in their effort to steal digital assets. Scams, of course , have been poignant on all social media websites, including Facebook, Instagram and more. But there is a new brand of crypto-related scams that is sweeping across the TikTok scene which targets job seekers with fake advertisements. The new scams are a mild form of pig butchering scams that leverage the scam through a long term relationship with the victims before eventually defrauding them. The new scam surfaced after a Leichester man was defrauded of £6,000 in crypto payments after engaging a Tiktok advertisement that promised a lucrative job offer without any experience needed.

So what happened?

The frad began with the alleged scammer posing as recruiters contacting the victim on Whatsapp after he clicked on a job advertisement.

The recruiter offered him a monthly salary of up to £4,650, plus commission for just an hour of work daily, with the wage to be paid in USDT.  The only caveat was that he had to make an initial deposit to a crypto wallet he could receive any task.

The scammers provided the victim with a specific wallet address to send his deposits which would be required for him to be delegated any task, and he was promised that his deposit would be returned with commission.

The first few tasks were smooth with the victim receiving a refund of his money, wages, and even receiving a bonus after completing the task.

This created a false sense of security buying the trust of the victim. After a few completed tasks, the deopsit that was required of him jumped from £30 to as high as £8,000. But as soon as the victims deposited the large sum of money, he wasn't contacted again and received no new tasks.

After sharing his experience on TikTok, the victim realised that he wasn't the only target of this latest scam technique on TikTok.

What are some telltale signs you can look out for?

Here are some telltale signs that you can look out for when you are determining whether you are being targeted by a scammer. First, these scammers often create phony online identities, often posing as successful investors or attractive singles on dating apps and social media. These fake personas are often carefully crafted to appeal to potential victims' interests and vulnerabilities and will use stolen or AI-generated photos and fabricated backstories to make their persona seem credible and trustworthy.

Secondly, these scammers usually contact their victims through social media apps like Whatsapp and Instagram. They would often fabricate stories to initiate a conversation with you to gauge your receptiveness. They will often case a wide net-contacting numerous potential victims in hopes of finding those most likely to fall for their tactics.

Thirdly, scammers would often spend weeks or even months building rapport with you. They will engage in frequent friendly communication, showing interest in you and even sharing stories to create a false sense of intimacy. The scammers might sometimes even send small gifts to tokens of affection to gain the victim's trust and emotional investment.

Fourthly, they would start prompting you to make deposits. They will walk you through the process of creating an account and making an initial deposit, which is typically a relatively small amount to lower the victim's guard. Initially, the scammers would even let the victim withdraw this initial deposit to further build trust and make the investment seem legit.

Fifth, scammers will manipulate you to make bigger investments once you start with your initial investments. They would tell you that you have to capitalise on your initial success, often using time-sensitive offers or claiming that a big opportunity is about to pass. They might also introduce a sense of exclusivity, claiming that the victim is part of a selected group with access to these special investments.

Lastly, is the vanishing act. After they have extracted as much money as they can from the victim, they will abruptly cut off all communication and disappear. The victim will be left with no way to access their supposed investment or contact the scammer.