Scam has come to be known as “pig butchering” because it’s akin to fattening a pig before slaughter.
Or a direct message on a social-media channel.
The method has come to be known as “pig butchering” because it’s akin to fattening a pig before slaughter, says the B.C. Securities Commission, the province’s financial markets regulator, which issued a warning this week about the escalating threat of sophisticated online scams.“When they disappear and you ask for more communication, it’s radio silence,” says Wu.
Losses are believed to be much greater. The Canadian Anti-Fraud Centre estimates that only five to 10 per cent of online fraud is reported. That means in B.C., there are likely hundreds of millions in losses. The groups direct people to their investment-scam education sites, including for the B.C. Securities Commission, the Canadian Anti-Fraud Centre and the U.S. Secret Service.
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