In a recent revelation, Nikhil Kamath, CEO of Zerodha and renowned host of the popular podcast 'WTF,' has sounded the alarm on the unsettling surge of the "pig butchering scam" in India.
This peculiar scam, responsible for draining substantial amounts of money, encompasses various fraudulent activities, including fake job offers, deceptive crypto investments, and dubious high-return investment schemes.
Kamath explains that the term is metaphorically linked to the scammers' method of gaining victims' trust before exploiting them, akin to fattening a pig before slaughter.
The scams employ tactics such as feigned love and friendship to manipulate users into sending money for purported job opportunities and lucrative investments, resulting in substantial financial losses.
"This scam is not confined to India; its global reach is extensive, and the scale of victimisation is staggering," warns Kamath.
Moreover, victims of the pig butchering scam may find themselves ensnared in multiple schemes simultaneously, often falling prey to fake job offers.
Upon accepting these offers and going abroad, victims may be coerced into scamming others by building trust and even creating fake profiles to deceive individuals of the opposite sex.
To safeguard against the pig butchering scam, Kamath advises the following precautions:
-Avoid responding to unsolicited job offers or random requests on messaging apps and social media.
-Refrain from downloading or clicking on links from unknown sources, especially those originating from foreign entities.
-Exercise caution and think twice before making any decisions, as prudence can prevent falling victim to scams.
-Never share OTPs (One-Time Passwords) or sensitive personal IDs like Aadhar numbers with unknown entities.
-Adhere to the saying that if something seems too good to be true, it likely is.
As the pig butchering scam continues to pose a significant threat, Kamath emphasises the importance of vigilance and proactive measures to protect individuals from financial exploitation. Stay informed and stay safe!
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