ASWO Unveils Rising Global Losses to Pig Butchering Scams Exceeding $1 Trillion

Anti-Scam Worldwide Organization (ASWO), a non-profit organization unveils global losses to scams reaching $1 Trillion. ASWO General Manager Berry James addresses this alarming statistic at the Global Anti-Scam Summit, emphasizing the urgent need for awareness and action.

In the latest study, Anti-Scam Worldwide Organization (ASWO) unveils rising global losses to Scams most especially Pig Butchering Scams, exceeding $1 Trillion. The organization’s study, drawing data from 48 countries, including Singapore, revealed a significant 15.7% increase in global scam losses compared to the previous year, highlighting the growing threat posed by online fraud. ASWO provides the services by facilitating collaboration among stakeholders such as policymakers, law enforcement agencies, and cybersecurity experts. Their exceptional services provide resources to help individuals verify the legitimacy of websites and detect potential scams.

Originating in China in 2019, pig butchering scams have since proliferated across Southeast Asia, leaving a trail of financial ruin in their wake. The pig butchering scam follows a carefully orchestrated playbook designed to deceive and manipulate victims over an extended period. Here’s a breakdown of how it unfolds:

  • Initial Contact – Scammers initiate contact with potential victims online, often through social media platforms, dating apps, or text messages. They employ tactics such as sending “wrong number” texts or feigning romantic interest to establish rapport and gain trust.
  • Building Trust – Once a connection is established, scammers invest time and effort into cultivating a relationship with the victim. They may shower them with affection, compliments, and promises of a prosperous future to create a sense of intimacy and dependency.
  • Introduction to Cryptocurrency – Leveraging their position of trust, scammers introduce victims to cryptocurrency trading under the guise of lucrative investment opportunities. They tout insider knowledge, family connections, or special trading platforms to entice victims into making initial investments.
  • Fraudulent Platforms – Victims are directed to fraudulent trading platforms or apps controlled by the scammers, where they are encouraged to deposit increasing amounts of money. The platforms may simulate trading activity to create the illusion of profitability and entice victims to invest.
  • Financial Exploitation – As victims invest large sums of money, scammers use tactics to extract even more funds, such as imposing fictitious fees, taxes, or withdrawal restrictions. Victims may be coerced into borrowing money from friends and family or liquidating their assets to fuel their investments.
  • Disappearance – Once victims attempt to withdraw their funds or uncover the swindle, the swindlers vanish without a trace, leaving devastated individuals facing substantial financial losses and little recourse for recovery.

Consequently, the prevalence of pig butchering scams highlights the significance of vigilance and awareness in navigating the digital landscape. By equipping themselves with knowledge, ASWO empowers individuals to better protect themselves from falling victim to fraudulent schemes and mitigate the devastating consequences of financial exploitation. Through collaboration, education, and proactive measures, the organization helps collectively combat online scams and create a safer environment for all.

About Anti-Scam Worldwide Organization (ASWO):

Established in June 2021, the Anti-Scam Worldwide Organization (ASWO) started working in response to the surge of ‘Pig Butchering’ scams outside China. By October 2021, the ASWO rapidly grew its investigating teams and media, which had helped various victims to recover global financial losses. By 2023, the organization has connected victims with over $256 million. ASWO aims to support victims and strives to expose scammers one complaint at a time.

“If you are a victim of any Scam, kindly send a report to Anti-Scam Worldwide for FREE consultation”

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Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Economy Circle journalist was involved in the writing and production of this article.