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This was the topic of an amazing podcast Scam Inc from the Economist https://www.economist.com/audio/podcasts/scam-inc https://www.economist.com/audio/podcasts/
by danielodievich 2y ago
This was the topic of an amazing podcast Scam Inc from the Economist https://www.economist.com/audio/podcasts/scam-inc https://www.economist.com/audio/podcasts/scam-inc that I finished last week. It's subscriber only but absolutely worth it.
Key points are:
"Pig butchering" scams were developed and mastered by Chinese organized crime targeting chinese citizens first, before going worldwide.
The crime is industrialized with call centers with thousands of people working on this. Many of these people are victims themselves, doing this against their will, trafficked from all over the world. Most call centers are in asia/asia adjacent, but also in eastern Europe and near Ireland
Amount the scams steal is $500B<amount<$1T, more than all illegal drug trade in the world.
Money is then washed via incredibly clever ways including sports betting. In fact there is very heavy connection to rise of betting everywhere.
Final clean money is invested into real estate worldwide. Heck, my little island has fancy huge houses bought by chinese sitting empty all year long, likely from this.
Nobody is safe from scams, especially the older/lonelier people. And yes, it is very much a national security threat. The podcast called out Singapore for doing a government sponsored and very empowered task force to combat it. USA was called out for sitting complacently.
Listen to the podcast if you can. Great stuff.
- plutomeetsyou 2y agoMI is not a tiny island but I see your point, especially over the last 20+ years of living there. However, wealthy people buying multiple mansions around the world and letting them sit there idle is also a story as old as time.
- vorpalhex 2y agoYep my mom got caught on one of these - paying to "save a vulnerable puppy" only for the dog to "have a medical crises during transport", etc. If you have a loved one who is vulnerable: + Make it clear there is no shame in falling victim or seeking help + Teach them to "hang up and call back" anytime someone calls them and asks for money or passwords, personal data, etc. (This just saved her from a bank card scam) Currently my worry is AI voice impersonation because my mom genuinely doesn't believe that AI can clone a voice. My plan is to have JFK call her and give her an impassioned speech about being aware of scams.
- ashoeafoot 2y agoor vote for a bloody tytant who promises to lay the torch to a world order that seems unwilling and unable to do anything against this lawlessness? At some point in the decline still being libertarian is like handing out fliers for dictators.
- whatshisface 2y agoA tyrant is someone who treats you like a criminal. You're just asking for leadership.
- AbortedLaunch 2y agoHang up and call back may not save you on some landline systems, where scammers are able to keep a connection open when the other party hangs up.
- loa_in_ 2y agoCan you elaborate? How can caller influence my landline connection?
- bigfatkitten 2y agoThey can't, unless they're physically down the street from you with a buttinski plugged into a junction box. That post was nonsense.
- lifestyleguru 2y agoLegislation of all EU countries treat more favorably sports betting than stock investing. It both astonishes and infuriates me.