Meta removes over 2M accounts linked to 'pig butchering' scams
Meta has reported major progress in its fight against online frauds called 'pig butchering' scams. The company has managed to deactivate more than two million accounts associated with these scams this year. The achievement comes as part of a larger collaborative effort with other companies to eradicate such deceptive practices on its social media platforms.
'Pig butchering' scams: A growing online threat
'Pig butchering' scams are an emerging online threat, wherein fraudsters entice victims into investing in financial schemes or cryptocurrency. The scammers then disappear with the victims' money. Meta has described these as "one of the most egregious and sophisticated" online scams. A study cited by Bloomberg earlier this year indicated that these scams may have stolen over $75 billion from victims worldwide since 2020.
Proactive measures against scam networks
For the last two years, Meta has been keeping a close eye on the criminal networks behind these scams. The company said, "This year alone, we've taken down over two million accounts associated with scam centers in Cambodia, Myanmar, Laos, the UAE and the Philippines." Along with account removals, Meta is also constantly updating behavioral and technical signals of these hubs. This approach helps scale automated detection and block malicious infrastructure and repeat offenders.
Collaboration with other firms to combat scams
Earlier this year, Meta had formed a coalition with Match Group, Coinbase, etc., to fight financial scams together. In its latest update, the company also revealed that it has worked with other companies targeted by scammers. For example, OpenAI recently tipped Meta about "a newly stood up scam compound in Cambodia" after noticing would-be scammers trying to translate scam content. This highlights the importance of inter-company cooperation in fighting online fraud.
