A woman from Karachi’s B Area fell victim to an online romance scam, withdrawing millions from her retirement accounts to invest in cryptocurrency, which later turned out to be a major fraud. However, the advanced AI assistant ChatGPT warned her that the investment scheme was suspicious and likely fraudulent. ‘Pig-butcher’ scams in the crypto world involve fraudsters gaining victims’ trust over a long period before extracting large sums, often through social media or dating apps under the pretext of investment opportunities. In this case, the victim’s decision to invest retirement funds in crypto proved dangerously risky. The use of AI tools like ChatGPT is becoming crucial in identifying and preventing such scams by alerting users to dubious transactions or schemes, potentially saving them from financial losses. Experts advise investors to conduct thorough research and avoid suspicious investment schemes, especially given the volatile nature of the crypto market and rising fraud incidents. This incident also highlights how online relationships can sometimes lead to financial harm, particularly when funds are transferred or invested. While AI assistants can enhance investor protection in the future, user vigilance remains essential to avoid falling prey to fraud.
Source: decrypt
