As we navigate this era of digital advancement, the sophistication and frequency of online scams are escalating, leading to significant financial setbacks and emotional distress. It’s crucial to equip yourself with the knowledge necessary to safeguard against these threats.

Two new high-profile scams currently in the spotlight are the “Pig Butchering” scam in Southeast Asia and the increasing prevalence of cryptocurrency scams globally.

The “Pig Butchering” Scam: A New Breed of Cybercrime

  • Origin: The scam, known as “Sha Zhu Pan,” originated in China and has expanded across Southeast Asia, particularly Cambodia, Myanmar, and Laos.
    • This scam’s name symbolizes the practice of gradually luring the victims into making increasing contributions, usually in the form of cryptocurrency, to a fraudulent scheme.
  • Common Tactics: Victims are initially contacted through social media or text messages, befriended, and then drawn into fake investment schemes, often involving cryptocurrency.
  • The AI Twist: Scammers now utilize artificial intelligence, including real-time deepfake face-swapping systems, to create more convincing personas and expand their victim base.
  • Estimated Losses: Globally, billions of dollars have been lost, with individual losses sometimes amounting to millions.

Cryptocurrency Scams: The Invisible Heist

  • FBI Warning: The FBI has reported a spike in cryptocurrency investment schemes, urging the public to be cautious of unknown individuals offering investment opportunities.
  • Common Tactics: Scammers build relationships through online platforms and then pressure victims to invest in cryptocurrency, leading to significant financial losses.
  • Financial Impact: In just one year, Americans lost over $1 billion to cryptocurrency scams.

How to Stay Safe 

  • Always verify investment opportunities and the legitimacy of any vendor or charity before making payments.
  • Guard your wallet’s private key and password, and be wary of unsolicited emails or messages.
  • If you suspect any suspicious activity or scam, report it promptly to your financial institution and the FBI’s Internet Crime Complaint Center.

Scams like “Pig Butchering” and cryptocurrency fraud threaten your finances and trust in the digital world. You can protect yourself and your loved ones from these modern-day butchers by staying informed and vigilant. Please continue to report any suspicious or malicious message by forwarding it as an attachment to abuse@chapman.edu.

 

Stay vigilant and stay protected!

Chapman University Information Systems and Technology (IS&T)