Security News

Phish of the Month: February

Like most of us, you can probably remember a time recently where an innocent-looking text pops up from someone you don't know. It might start with a generic pretext that they've mistaken you for a friend of theirs, then express confusion as to how you could have gotten mixed up with their contacts.

Unfortunately, this is no innocent mix-up - this is the first step in convincing you to participate in online investment scam. This is a process that is known as a "pig-butchering," alluding to the practice of fattening up a hog before slaughter.

How it works:

The scammer works to win the trust of the victim, usually playing the long game; they may chat innocently for some time, fabricating things they supposedly have in common. This investment pays off when they can use information that they have learned about the victim's life to manipulate them, sometimes even feigning romantic interest in the victim. Eventually they get around to the topic of investments, often sharing how successful they've been by showing fake screen shots of their profitable ventures. Once they have gotten the victim to put real money into a fake account, they continue to press for more, building on what looks like a wildly successful investment. When the victim becomes aware of the scam, the fraudster ends communication, taking the victim's money with them.

Avoiding this scam:

Once you know what to look for, this scam is fairly recognizable and can be avoided by reporting and blocking unsolicited text messages. Share what you've learned with your friends and family, as awareness is the best way of avoiding becoming a victim.  It may be tempting to taunt and ridicule the supposed scammers, but recent investigations indicate a significant likelihood that many of the people behind these text messages are victims themselves.  

 

What to do if you're a victim:

If you are a victim of this or any other financial scam, report it to your bank and law enforcement as soon as possible. Additionally, you can report these scams to the Federal Trade Commission:

• Go online: ReportFraud.ftc.gov
• Call the FTC at 1-877-FTC-HELP (1-877-382-4357) or TTY 1-866-653-4261

Because of the shame and embarrassment many people feel after realizing they've been taken in by these criminals, these crimes often go unreported. A recent study estimates that as much 75 billion dollars has been stolen from people world wide as a result of this scam.

You can read more about this scam and the those behind it at the following links:

https://www.propublica.org/article/whats-a-pig-butchering-scam-heres-how-to-avoid-falling-victim-to-one
https://time.com/6836703/pig-butchering-scam-victim-loss-money-study-crypto/

Until next month, be safe and aware - your Security Matters at University of Alaska!
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