India is working with tech giants Google and Meta (formerly Facebook) to step up efforts to curb crypto-related fraud, according to the Ministry of Home Affairs' 2024 annual report.
The initiative addresses the growing threat of “pig butchering” scams, a form of crypto investment fraud that targets vulnerable populations such as unemployed youth, housewives, students and financially disadvantaged individuals. It is intended to counter.
The rise of pig butchering
The report explained how these scams typically lure victims through social media platforms or search engines, promising them high returns on their crypto investments. The schemes have gained attention in recent months, with investors expected to lose more than $3.6 billion to these scams in 2024.
Scammers often pose as financial advisors or representatives of legitimate investment companies, gradually building trust and convincing victims to transfer large sums of money to fraudulent schemes.
The ministry highlighted that scammers are exploiting Google's advertising services and Meta's sponsored ads to launch malicious applications and phishing campaigns.
In response, the Indian Cyber Crime Coordination Center (I4C) is working directly with these platforms to develop protocols to flag suspicious activity, block ads, and remove malicious content faster. Established.
Collaborative measures
As part of this effort, I4C actively monitors digital lending apps and Android banking malware that exploit vulnerable users. The center shares a list of phishing advertisers with Google, allowing them to quickly remove or suspend their accounts. Meta, on the other hand, plays a key role in identifying and removing scam-related pages and illegal lending apps reported by I4C.
In an important step to protect our users, Google Pay has been integrated into the Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS). This integration facilitates real-time interception of fraudulent transactions, allowing authorities to track and freeze assets.
The report points out that the system saved more than INR 16 billion and saved more than 575,000 victims in 2023 alone. To strengthen these efforts, the Department is prioritizing educating law enforcement agencies on blockchain analysis, so they can track illicit cryptocurrency transactions and seize digital assets involved in fraud. did.
Other initiatives
Training programs on cryptocurrency tracking and forensic analysis are being rolled out nationwide to strengthen investigative capabilities. The National Cybercrime Reporting Portal (NCRP) continues to serve as an important platform for the public to report cryptocurrency fraud, ensuring swift resolution of cases.
The department also established a National Anti-Ransomware Task Force to work closely with financial institutions, payment platforms, and virtual currency exchanges to mitigate large-scale cyber threats.
The report also highlights India's active participation in international efforts, including collaboration with the Financial Action Task Force (FATF) to strengthen global standards to combat money laundering and terrorist financing related to cryptocurrencies. He also emphasized that This international cooperation aims to address the cross-border nature of cryptocurrency-related crimes.
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