Pig Buchering, new cryptocurrency scam

A group of researchers has analyzed a new attack called 'Pig Buchering', which consists of encouraging victims to invest in cryptocurrencies once they have gained their trust

A group of researchers analyzed a new attack called “Pig Buchering”, which consists of encouraging victims to invest in cryptocurrencies once they have earned their trust using the same strategy as in love scams.

The Romance Scam or love scam is a social engineering attack that consists of tricking another person into believing that there is a love relationship between them online. To do this, the attacker creates a fake profile by stealing photos of other real people and, once he knows that the victim thinks he has fallen in love with her, they convince him to make bank transfers.

The main difference between the Romance Scam and the Pig Buchering, which translates as Slaughter of pigs, is that, in the second case, the scammers abuse the trust of the victims so that they invest in cryptocurrencies.

Of Chinese origin, this online crime has managed to position itself as one of the main social engineering attacks in non-English speaking countries. So much so that the United States Federal Bureau of Investigation (FBI) published a notice last April indicating that it was becoming increasingly popular.

In fact, according to data collected by the Global Anti-Scam Organization (GASO), victims lose an average of $122,000 with these frauds. In addition, two thirds of those affected are women between the ages of 25 and 44.

K. Tovar

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Source: El Financiero

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