India is ramping up its fight against crypto-related scams, particularly the rising “pig butchering” frauds, through a partnership with tech giants Google and Meta, as outlined in the Ministry of Home Affairs’ 2024 annual report.
These scams, which have reportedly cost investors over $3.6 billion in 2024, primarily target vulnerable populations, including unemployed youth and financially struggling individuals, by promising high returns on crypto investments.
Scammers typically use social media and search engines to lure victims, posing as financial advisors to build trust before convincing them to invest in fraudulent schemes. The Ministry has noted that these fraudsters exploit Google’s ad services and Meta’s sponsored ads to promote malicious applications and phishing campaigns.
In response, the Indian Cyber Crime Coordination Centre (I4C) has implemented protocols to collaborate with these platforms to identify and block suspicious activities swiftly. This includes monitoring digital lending apps and sharing lists of phishing advertisers with Google for prompt action.
Additionally, Google Pay has been integrated into the Citizen Financial Cyber Frauds Reporting and Management System, allowing for real-time interception of fraudulent transactions.
The report also emphasizes the importance of educating law enforcement on blockchain analysis to trace illicit transactions. Training programs on crypto tracing have been initiated nationwide, and the National Cybercrime Reporting Portal continues to facilitate the reporting of scams.
Furthermore, India is actively engaging in international collaborations, including with the Financial Action Task Force, to enhance global standards against money laundering and terrorism financing related to cryptocurrencies.
