Beware! Zerodha CEO Uncovers ‘Pig Butchering’ Scam!
Nikhil Kamath, CEO of Zerodha and host of the popular podcast ‘WTF’, has warned the citizens of India about a new peculiar scam known as the ‘pig slaughter scam’. Kamath points out that this scam has been responsible for tens of thousands of crores of rupees. Basically, it means gaining the victim’s trust and then metaphorically “slaughtering” them.
And this scam is a broad term for various scams implemented using this method, such as fake job offer scams, fake crypto investments and unrealistic high investment plans.
Kamath says the reason for this strange analogy is that scammers first build trust in their victims before exploiting them. This is like fattening a pig before slaughter.
“They use the pretense of love and friendship to gain users’ trust and then trick them into sending money from jobs and high-yield investments and steal the money,” Kamath said. He added: “These scams are global and the scale is staggering.”
In addition, victims of these scams can become victims of another scam at the same time, and they often end up with fake job offers. But when they go abroad to accept offers, they are caught and asked to con people by earning their trust and even creating fake profiles of girls and boys to fool the opposite sex.
How to stay safe from pig slaughter scam:
- Do not respond to job offers or random requests on messaging apps and social media.
- Do not download or click on foreign links.
- Always think twice before making any decision; it could save you.
- Never share OTPs or sensitive IDs like Aadhar numbers.
- As a general rule of thumb, if something seems too good to be true, remember that it usually is.
