CCI Manitoba Chapter News

Fraud awareness - pig butchering

Pig butchering is a systemic approach to fraud, starting with a random contact, establishing a relationship with you, introducing you to an incredible investment opportunity followed by theft of all of your money. Imagine a scamming industry, with each company specializing on one part of the process. Throw in organized crime and some human trafficing to get widespread misery and a few bosses incredibly wealthy.

The Economist has an eight-part podcast, titled "Scam Inc." covering all aspects of pig buthchering. Note that the first three episodes are free to the public but the other five require a subscription.

For a quick overview of pig butchering, this Finra article provides the basics.

"To avoid becoming a victim of a pig butchering type scam, watch for these red flags and know how to protect yourself:

• Unexpected contact
• Refusal to participate in video chats
• Invitation to invest in specific financial products
• Unknown or confusing investment opportunity
• Unfamiliar trading platforms
• Exaggerated claims and elevated emotions
• Sense of urgency about an upcoming news announcement or share price increase."

Note that there is lots of misery spread around because of this type of scam. Often the scammer is doing it against their will because of human trafficing. This CTV News article points out that there are more victims besides the one losing their money — https://www.ctvnews.ca/world/article/they-were-forced-to-scam-others-worldwide-now-thousands-are-held-in-detention-on-the-myanmar-border/.

March is fraud awareness month. Don't become a victim — be informed.