Cryptocurrency scams have grown exponentially in recent months. Scammers employ social engineering techniques to gain their victims’ trust.

One of the most commonly used methods is through dating applications. In the cyber world, this scam is known as ‘Pig butchering scam’ and has already affected thousands of people in Spain.

How do these types of cryptocurrency scams work?

“He said his name was John. That he was in Barcelona on business. We started talking through Facebook Dating: what are your hobbies, what do you like. He told me he liked reading, the beach… and also that he liked investments,” Pedro summarizes. “First, he made me fall for him. We talked every day: what did you eat, I want to see you, what are you having for dinner, they make you believe you have a relationship.” This is how one of the victims explains it: “They ask you if you know about investments. If you say no, you become the perfect victim.” In black and white, it seems like an easy scam to detect, but the scheme is perfectly orchestrated: “They show you photos of expensive things, a desirable lifestyle, and tell you it’s all thanks to cryptocurrencies.” They’ve already made you fall in love. “Since they want the best for you, you’re their partner, they’re going to teach you how to make money.”

They select victims on dating applications and other social networks like TikTok, convincing them to make financial investments in plans that don’t exist. Thus, while extracting money from the victims, the organization fattens its piggy bank. When they discover the deception, they break the piggy bank (slaughter the pig) and disappear.

How can you avoid becoming a victim of a scam like this?

When conducting financial transactions, Selva Orejón reminds us that “cryptocurrency is a virtual currency, based on blockchain technology,” and “to operate with it, it is essential to understand this technology.” The expert highlights another key issue: “there are many people who don’t know how to safeguard and secure their digital identity.” Their accounts, their wallets. “There are many risks.”

Read the full article in EL PERIODICO