How pig butchering scammers are getting away with it
IT Brew — Is the U.S. government doing enough to address pig butchering investment schemes? Experts say, “No.”
The FBI reports that as of July, the agency had notified 6,475 victims of cryptocurrency investment fraud as part of Operation Level Up. The agency estimates that it had helped victims save an estimated $400 million that would have otherwise been lost to scammers.
Despite such efforts, scammers used pig butchering to steal roughly $5.6 billion from U.S. victims in 2023 alone, the agency stated.
The current U.S. leadership made campaign promises to protect civilians against foreign adversaries. “Yet this is the biggest instance of foreign adversaries coming after Americans and nobody’s looking at it,” Erin West explains. West is the founder of Operation Shamrock, a global nonprofit that aims to disrupt pig butchering efforts by bringing law enforcement, industry, and the public together.
A former government intelligence official interviewed for the article noted that pig butchering is a significant cybersecurity problem, no one at the executive level is responsible for shaping fraud policy. Although agencies like the FBI, Federal Trade Commission, and the Department of Justice may investigate fraud and assist victims, there isn’t a coordinated approach to addressing fraud.
Businesses are at risk as well as consumers. It appears that scammers are using org charts and employee information to identify and target employees with financial access. They’re relying on some of the same tactics they use with individuals, such as impersonating executives, vendors, or partners.
Full article: How pig butchering scammers are getting away with it