According to a report by Cryptoslate on January 4, PANews reports that, based on the Ministry of Home Affairs' 2024 annual report, India has intensified its efforts to combat cryptocurrency-related scams by collaborating with tech giants Google and Meta (formerly Facebook). The initiative aims to address the growing threat of 'pig butchering' scams, a form of cryptocurrency investment fraud targeting vulnerable groups such as unemployed youth, housewives, students, and individuals facing economic difficulties.
The report describes how these scams typically lure victims through social media platforms and search engines, promising high returns on cryptocurrency investments. In recent months, these scams have become increasingly rampant, with investors losing over $3.6 billion in 2024 due to these schemes. Scammers often impersonate financial advisors or representatives of legitimate investment companies, gradually building trust before convincing victims to transfer large sums of money into fraudulent programs. 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 Centre (I4C) has developed protocols to work directly with these platforms to flag suspicious activities, block ads, and more rapidly remove fraudulent content.
As part of the initiative, the Indian Cyber Crime Coordination Centre actively monitors digital lending applications and Android banking malware that target vulnerable users. The centre shares a list of phishing advertisers with Google for quick removal and account suspension. At the same time, Meta plays a crucial role in identifying and dismantling fraud-related pages and illegal lending applications flagged by I4C.
To protect users, Google Pay has been integrated into the Citizen Financial Network Fraud Reporting and Management System (CFCFRMS), which is a significant initiative. This integration helps intercept fraudulent transactions in real-time, enabling authorities to track and freeze assets.
The report notes that this system saved over 16 billion Indian Rupees in 2023 alone and provided relief to more than 575,000 victims. To strengthen these efforts, the department prioritizes blockchain analysis education for law enforcement agencies, enabling them to track illegal cryptocurrency transactions and seize digital assets involved in fraud.