- India collaborates with Google and Meta to combat the growing threat of crypto scams.
- “Pig butchering” scams have resulted in over $3.6 billion in losses for victims in 2024.
- Google Pay integrates with India’s system to track transactions and prevent crypto fraud.
India has ramped up its fight against the rising tide of crypto-related scams, particularly the notorious “pig butchering” schemes, by collaborating with tech giants Google and Meta.
According to the Ministry of Home Affairs’ 2024 annual report, this partnership aims to tackle financial fraud targeting vulnerable groups such as unemployed youth, students, housewives, and individuals facing financial hardship.
The Rise of “Pig Butchering” Scams
“Pig butchering” refers to a scam where fraudsters pose as financial experts or investment firm officials to gain victims’ trust. These scams often begin with targeted advertisements on platforms like Google Ads and Meta’s sponsored posts.
Once trust is established, the perpetrators pressure victims to invest large sums into fake or non-existent crypto investment schemes. The MHA reported losses exceeding $3.6 billion in 2024 due to these scams, highlighting the urgent need for action.
Google and Meta Join Forces with India’s Cyber Crime Unit
To counter the surge in such scams, India’s Cyber Crime Coordination Centre (I4C) has partnered with Google and Meta. This collaboration focuses on tracking and flagging suspicious activities, blocking fraudulent ads, and removing scam-related content from these platforms.
By directly engaging with Google and Meta, the initiative aims to curb the reach of malicious actors, reducing the risk for unsuspecting users.
Key Measures to Combat Crypto Fraud
The integration of Google Pay into India’s Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS) has proven instrumental in identifying and tracking suspicious transactions.
Read also: Binance Helps Delhi Police Bust Crypto Scam in India
This system enables real-time monitoring of financial activities, helping authorities freeze fraudulent assets and prevent further losses. In 2023 alone, it saved over ₹16 billion ($193 million) and supported more than 575,000 fraud victims.
I4C also works closely with Google to detect and remove phishing advertisers quickly. The center actively monitors digital lending apps and Android banking malware that exploit vulnerable users, suspending scam-related accounts to protect the public.
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