iPhone and Android users warned over 'pig butchering' crypto scam targeting lonely adults
The scammer creates an account for the victim on a fake app or internet platform, allowing them to see their supposed market growth
An expert in security is warning iPhone and Android users of a new scam known as ‘pig butchering’ that is doing the rounds.
The tactic sees criminals sending vague texts that simply say "Hey" or '"How's it going, James?", in the hopes that the recipient will reply saying they have the wrong number.
Once they get a response, the scammer will try to continue the conversation and build up a friendship to gain a sense of trust.
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If they feel they’ve garnered some form of friendship from the text conversations, they begin to talk about how much money they’ve been making from cryptocurrency investments and they recommend the victim start to do the same.
The scammer creates an account for the victim on a fake app or internet platform, allowing them to see their supposed market growth.
To keep them reassured, they can even go to the lengths of letting the target withdraw some money from the account, or offer them video calls.
Once the victim contributes all the money they can, the scammers then close the account. This approach is known as 'pig butchering' because scammers fatten their victims up before taking the 'whole hog'.
Sean Gallagher, a senior threat researcher at the security firm Sophos, has been keeping an eye on pig butchering over the last three years.
He told WIRED: “That’s the whole pig butchering thing - they are going for the whole hog.
“They go after people who are vulnerable. Some of the victims are people who have had long-term health problems, who are older, people who feel isolated.
"They want to get every last bit of oink, and they are persistent."
This comes as the number of scams and the creativity behind them continues to rise.
Criminals used the Covid-19 pandemic to target those working from home as security firewalls were weakened.
The public is constantly being encouraged to think before opening emails, and to ensure they report any suspicious activity to the relevant authorities.
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