Pig Butchering Scams: How Banks Can Stop the Slaughter
- Date:March 27, 2024
- Author(s):
- Jennifer Pitt
- Report Details: 6 pages, 2 graphics
- Research Topic(s):
- Fraud Management
- Fraud & Security
- PAID CONTENT
Overview
Pig butchering scams are the latest scheme taking the world by storm, and no one is exempt from victimization. This complex long con—a mix between a romance scam and an investment scam—relies upon gaining trust to manipulate the victim into “investing” hard-earned money. Pig butchering scams often leave victims emotionally and financially drained and left out to slaughter by criminals.
This Javelin Strategy & Research report underscores the important role banks can play in combatting pig butchering scams and further explores how failures in identifying these scams can be devastating to financial institutions and consumers alike.
Learn More About This Report & Javelin
Related content
Getting Personal With Scams
One of the biggest issues plaguing U.S. efforts to mitigate scams is a lack of standardization in tracking and classifying the crimes. In that sense, there is much the United State...
KYC Revolution: Automated Solutions Tackle Compliance and Fraud Challenges
Traditional know-your-customer processes—which are often manual and conducted only during onboarding processes—leave gaps in fraud and money laundering detection, exposing organiza...
Deepfake Fraud Alert: How FinCEN’s Guidance Affects Banks
Even though deepfake-related fraud suspicious activity reports are on the rise, many financial institutions do not have a deepfake detection solution. FinCEN’s recent alert notes t...
Make informed decisions in a digital financial world