Referred to as "Pig Butchering," the scam involved three individuals from abroad assuming false identities to lure victims into providing funds for fictitious emergencies, investments, job opportunities or other deceptive schemes only to disappear once they have received the money. The joint operation diverted approximately 17,800 visitors from the phony websites over 90 days.These scams typically begin with fraudsters creating fake online personas showcasing luxurious lifestyles.
Once victims refuse or are unable to invest more, the scammers fabricate substantial losses, enticing victims to invest additional funds for recovery. Upon realizing the scam, victims are met with silence from the scammers, and the fraudulent brokerage websites cease to function."While the use of technology has certainly enhanced our lives from keeping in touch with loved ones through being more productive at work, it has also made us much more vulnerable," Berlin said.