India Intensifies Efforts Against Crypto Scams With Tech Giants

According to PANews, India is enhancing its efforts to combat crypto-related scams through collaboration with tech giants Google and Meta, as outlined in the Interior Ministry's 2024 annual report. The initiative targets the growing threat of 'pig butchering' scams, a form of crypto investment fraud that preys on vulnerable groups such as unemployed youth, homemakers, students, and economically disadvantaged individuals. The report details how these scams typically lure victims via 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 alone. Scammers often impersonate financial advisors or representatives of legitimate investment firms, gradually building trust before convincing victims to transfer large sums into fraudulent schemes. The ministry highlighted the misuse of Google's ad services and Meta's sponsored ads by fraudsters to launch malicious apps and phishing campaigns. In response, the Indian Cyber Crime Coordination Centre (I4C) has established protocols to work directly with these platforms to flag suspicious activities, block ads, and swiftly remove fraudulent content. As part of the initiative, the I4C actively monitors digital lending apps and Android banking malware that exploit vulnerable users. The center shares lists of phishing advertisers with Google for prompt removal and account suspension. Meanwhile, Meta plays a crucial role in identifying and dismantling scam-related pages and illegal lending apps flagged by the I4C. To protect users, Google Pay has been integrated into the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS), a significant move that aids in intercepting fraudulent transactions in real-time, allowing authorities to trace and freeze assets. The report notes that this system saved over 16 billion Indian Rupees and provided relief to more than 575,000 victims in 2023 alone. To bolster these efforts, the ministry prioritizes educating law enforcement agencies on blockchain analysis, enabling them to track illicit crypto transactions and seize digital assets involved in scams.