Meta reports that it has removed 2 million accounts related to "pig butchering" scams.
Meta reported that it has removed over 2 million accounts linked to this type of scam so far this year, and that it is collaborating with other companies to eradicate...
Meta has made progress in its fight against scams known as "pig butchering." In a recent report, the company stated that it has removed more than 2 million accounts related to this type of fraud so far this year. Additionally, its collaboration with other companies to dismantle scam networks has shown positive results.
Pig butchering scams are described by Meta as one of the most sophisticated and severe online frauds. In this scam, fraudsters convince victims, often located through social media platforms and dating apps, to make investments in cryptocurrencies and other financial schemes before disappearing with their funds. A study published this year estimated that these scams have caused losses exceeding $75 billion globally since 2020.
Meta has been monitoring the criminal networks behind these scams for the past two years, as these groups have expanded their geographic reach. According to the company, over the course of this year, more than two million accounts associated with fraud centers in countries such as Cambodia, Myanmar, Laos, the United Arab Emirates, and the Philippines have been removed. They have also improved the technical and behavioral signals related to these operations to enhance automatic detection and block malicious infrastructures.
Earlier this year, Meta teamed up with Match Group, Coinbase, and other entities to form a coalition aimed at jointly combating financial scams. In its most recent update, the company mentioned having collaborated with other companies that have also been targeted by scammers. For instance, OpenAI alerted Meta about a new scam center in Cambodia after the artificial intelligence company detected attempts to translate fraudulent content.
