fraud : the job fraud offers smaller but more frequent returns for scammers compared to traditional Pig Butchering .

• Scammers leverage brand recognition instead of long romance scams and use flexible platforms for various lure types .

In June 2024 , the FBI issued a warning about these fraudulent job scams originating on mobile devices . To protect against these scams , Proofpoint recommends vigilance regarding unsolicited job offers , never providing money to supposed employers and spreading awareness . roofpoint threat researchers have

For years , Pig Butcher scammers have swindled victims out of billions by luring them into fake cryptocurrency investments . Recently , Proofpoint observed a shift towards job scamming , tapping into a market of financially insecure victims .

The scam exploits psychological mechanisms such as the Sunk Cost Fallacy , Loss Aversion and the Principle of Reciprocity , making it alarmingly effective , and according to Chainalysis – a cryptocurrency investigation company – these scams have already netted substantial amounts in cryptocurrency . For example , a fake site impersonating Daptone Records made over US $ 300,000 in just two months .

Key findings from the research include :

• There has been an increase in cryptocurrency fraud using fake job lures , impersonating wellknown organisations .

• These begin with unsolicited messages on social media , SMS , or messaging apps such as WhatsApp and Telegram promising work-fromhome opportunities , exploiting the popularity of remote jobs .

• Victims are directed to register on malicious websites , often requiring referral codes . Once registered , victims perform tasks like fake reviews or product orders .

• Eventually , victims encounter ‘ errors ’ requiring them to pay into fake accounts , lured by promises of bonuses .

• A high confidence that these scams are linked to ‘ Pig Butchering ’, a romancebased cryptocurrency investment

In conclusion , the report found that cryptocurrency investment and job-related scams are extremely prevalent and use sophisticated social engineering techniques to convince people they are legitimate . Just like confidence scammers have done for centuries , fraudsters continue to promise easy money to unsuspecting targets to swindle them .

To protect against these types of scams , Proofpoint recommends the following :

• Remain vigilant about unsolicited job offers , no matter the platform or application on which it is received . These fraudsters often use social media and SMS , but similar techniques have been observed in email as well .

• Never provide any money to a person who claims to be an employer . While this particular scam relies on the target paying into a fake job website , Proofpoint has observed other job scams that ask for payment for alleged goods and services like computer equipment to conduct advance fee fraud ( AFF ).

• Remember the old adage : If it seems too good to be true , it probably is .

• Spread the word . Knowledge is power when fighting scams .

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