What is pig butchering?
Pig butchering is a sophisticated investment scam where victims are lured into fraudulent trading platforms and shown fabricated profits to encourage further investment. Scammers use psychological tricks to convince victims that their returns are growing, but in reality, these profits are entirely fictional. The end goal is to get victims to invest increasing amounts of money before the scam is uncovered.
How Do pig butchering Scams Work?
Scammers typically use social engineering techniques to build trust and prevent users from withdrawing any money. By fabricating the appearance of high returns, victims are manipulated into reinvesting. These scams often begin with casual conversations, sometimes through dating apps or social media, where scammers gain their victims’ trust.
The Role of Fake Trading Apps
According to cybersecurity experts, such as Group-IB, many pig butchering scams are carried out through fake trading apps. These apps, built using the UniApp framework, are designed to impersonate legitimate cryptocurrency or financial trading platforms. Some of the known fraudulent apps include SBI-INT (iOS), Finans Insights (Android), and Finans Trader6 (Android).
How Scammers Lure Victims
These fake trading apps often appear in popular app stores like Google Play and Apple’s App Store. Before they were detected and removed, some of these apps managed to accumulate thousands of downloads. Once installed, the apps directed users to scam trading platforms accessible only via invitation codes, sometimes disguised as tools for “financial calculations” or “news aggregators.”
Shifting to Phishing Websites
After their removal from app stores, scammers have shifted to phishing websites. These sites mimic real trading platforms, continuing their attempts to defraud unsuspecting users. Victims are often drawn in with promises of high returns on investments, only to lose their money.
How to Stay Safe from Pig Butchering Scams
To protect yourself from pig butchering scams, always research any investment platform thoroughly. Ensure that the platform is registered and regulated by local financial authorities. Be cautious of apps or platforms that require invitation codes or seem too good to be true.
