CoinVoice has recently learned that, according to reports from Cryptoslate, India is intensifying its efforts against cryptocurrency-related scams by collaborating with tech giants Google and Meta (formerly Facebook), according to the Ministry of Home Affairs' 2024 annual report. The program aims to combat the growing threat of 'pig butchering' scams, a form of cryptocurrency investment fraud targeting vulnerable groups such as unemployed youth, housewives, students, and individuals in financial distress.
The report describes how these scams often lure victims through social media platforms and search engines, promising that cryptocurrency investments will yield high returns. In recent months, these scams have become increasingly rampant, with investors losing over $3.6 billion in 2024 due to these scams. Scammers often impersonate financial advisors or representatives of legitimate investment companies, gradually building trust and then persuading victims to transfer large sums of money into fraudulent schemes. The department emphasizes that scammers abuse Google's advertising services and Meta's sponsored ads to launch malicious applications and phishing activities. In response, the Indian Cyber Crime Coordination Center (I4C) has established protocols to work directly with these platforms to flag suspicious activities, block ads, and remove fraudulent content more quickly. [Original link]