Codenamed “Romance Scam,” the massive global “pig butchering strategy” in China is now spreading to Japan, the United States, Malaysia, Singapore, and Hong Kong. As reported by FTC, the faulty investment schemes cost a record-breaking $304 million financial loss in 2020.
Cyber-Forensics.net, an industry leader in providing cyber-forensics services for victims of online scams, recently unveiled how offenders assume fake online identities to trick victims.
Fewer opportunities to go out amid the pandemic wave forced people to look for partners online through applications like Tinder, Bumble, OkCupid, Hinge, and Happn.
The reports highlight unidentified scammers creating fake profiles to gain the trust of the potential victims and lure them into investing millions.
In the past year, China created apps like Study Xi, Strong Nation, and similar apps to profess the teachings of their Chinese president and Communist Party leader Xi Jinping. The app converted the teachings of the Chinese president into a game and allowed awarding points to frequent log-ins, time spent reading and watching videos. The Study Xi app soon became the most downloaded app in China.
In what seemed like Chinese government officials chatting on apps, the imposters had other intentions. The app users…