Nithin Kamath, Co-Founder and CEO of Zerodha sheds light on the pervasive issue of "pig butchering scams" in India, emphasizing their staggering scale, running into tens of thousands of crores.
In a candid revelation on X (formerly Twitter), Kamath expressed concern over the prevalence of scams targeting unsuspecting individuals through fake job offers, deceptive high-return investment schemes, and crypto investments. Regardless of education level, Kamath asserts that everyone is susceptible to becoming a victim, making it crucial to raise awareness about these scams.
Explaining the insidious nature of pig butchering scams, Kamath described the process as scammers "fattening the victim before butchering." Using fake profiles, often under the guise of love and friendship, scammers build trust with users, convincing them to send money for fraudulent job opportunities and high-return investments.
Kamath emphasized the global reach and extensive scope of these scams, noting their cruelty as scammers themselves might be victims of other scams. Individuals lured abroad with false promises of international job offers are coerced into scamming Indians, further perpetuating the cycle.
To safeguard against pig butchering scams, Kamath shared valuable pointers:
1. Exercise Caution with Unknown Messages: Avoid responding to messages on WhatsApp, social media, and dating apps from unknown sources.
2. Beware of App Downloads and Links: Refrain from downloading apps or opening links suggested by unfamiliar individuals.
3. Guard Against Emotional Exploitation: Recognize and resist scams that prey on emotions like hopes, fears, dreams, and greed. Avoid impulsive reactions.
4. Avoid Panic: Stay calm and composed; haste often leads to falling victim to scams.
5. Seek Legal Assistance: If in doubt, consult with law enforcement or a lawyer. Report suspicious activities to the nearest police station.
6. Protect Personal Information: Never share sensitive details like Aadhaar, passport, or financial information.
7. Be Skeptical of Unrealistic Promises: If an offer seems too good to be true, exercise skepticism.
Kamath also highlighted the allure of quick money and foreign job opportunities as common traps, urging individuals to stay informed about government and cybercrime division efforts in combating such scams.
