India is intensifying its efforts to combat the growing crypto scams in collaboration with tech giants Google and Meta, aiming to curb fraud and protect vulnerable populations.
The Rise of 'Pig Butchering' Scams
The 'pig butchering' scams involve fraudsters posing as financial experts or investment firm officials to earn victims' trust. They use platforms like Google Ads and Meta's sponsored posts to target individuals, eventually persuading them to invest substantial amounts into fake crypto investment schemes. According to the Ministry of Home Affairs, the losses from these scams exceeded $3.6 billion in 2024.
Google and Meta's Role in Combatting Fraud
The partnership, outlined in the Ministry of Home Affairs' 2024 annual report, focuses on tackling financial fraud aimed at vulnerable groups such as unemployed youth, students, housewives, and people facing financial difficulties.
Google Pay's Integration to Prevent Crypto Fraud
Google Pay is integrating with India's systems to track transactions and prevent crypto fraud. This effort aims to enhance the monitoring of financial flows and provide an additional layer of security for users.
India is taking proactive steps to strengthen the protection of its citizens from cryptocurrency fraud with advanced technology, collaborating with industry leaders to minimize financial losses.
