BUSINESS

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BUSINESS

What are Pig Butchering scams?

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Kamath warns of scams

Nithin Kamath, CEO of Zerodha, warns of 'pig butchering' scams in India, which are costing tens of thousands of crores.

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What are 'Pig Butchering' scams?

These scams involve fraudsters posing as friends or romantic partners to deceive victims into bogus investments or jobs.

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How these scams work?

Kamath explained that these con artists build trust with users by creating fake profiles and manipulating emotions such as hope, fear, dreams, and greed.

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Victims turned scammers cycle

What's scarier is that scammers themselves might have been victims previously. They get trapped into these scams and are then forced to scam other people in the same manner.

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How to prevent yourself?

To avoid such scams, Kamath advises caution with unknown messages, app downloads, and sharing personal information, and to seek guidance when in doubt.