Pig Butchering —
Part of romance, crypto, and investment scams, big butchering takes its name from the idea of fattening a pig to maximize your yield before butchering it. Scammers establish virtual relationships with their victims through elaborate and often emotive lies. Then, the criminals introduce the idea of investing in fraudulent cryptocurrency platforms to acquire money for a “future together.”
The victim is convinced to pour more and more money into the investment fund, which is rigged to show that significant profits are being made. Once every possible penny has been extracted, the scammer pulls the plug on everything—all money is extracted from the fund—the website of which goes out of commission—and the scammer disappears.
According to the IC3, 2021 saw pig butchering scams cost victims a total of $429M. Experts have noted that romance scammers may employ AI language models such as ChatGPT to craft even more convincing language against their victims in the future, so the losses connected with such scams might grow considerably.
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Featured terms
Blockchains —
In a nutshell, a blockchain is a shared, or distributed, ledger recording transactions and assets. The data is compiled through a continuous verification process that links all transactions into a large, decentralized "chain" of participants, who are linked across a network of peer-to-peer computers...
Data Breach —
Data breaches are the exposure of sensitive or classified information to unauthorized parties and can have disastrous consequences for an organization. When a breach occurs, a company often has to pay out huge sums of money to contain the leak and may also suffer costly reputational damage...
Link Analysis —
The process of link analysis involves examining data to uncover relationships or connections that might not be apparent in raw data sets. It is a powerful analytical tool that has a wide range of applications in various sectors, from law enforcement and national security to cyber and...
Operations Security (OPSEC) —
Operations Security, or OPSEC, involves identifying and consolidating critical information to gain a better understanding of a situation. Additionally, it refers to safeguarding data and ensuring a given mission against eavesdropping by unauthorized parties or accidental compromise...
Social Media Intelligence (SOCMINT) —
A close cousin of OSINT, SOCMINT is an acronym meaning ‘social media intelligence.’ SOCMINT is the collection and analysis of data from social media platforms. Such information might be used for various purposes, including digital footprinting, link analysis, etc.
Social Media Piggybacking (Piggyback Marketing) —
When a company’s social media post goes viral, it is only a matter of time before millions of people start talking about it. Seeing an opportunity to leverage the post's popularity, companies can join in to redirect some of the traffic toward their services...
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