The Indian government has partnered with tech giants like Google and Meta to combat the rising number of crypto frauds labeled as 'pig butchering'.
Rise of Crypto Frauds in India
In 2024, investors in India lost over $3.6 billion to crypto scams targeting vulnerable populations, such as unemployed youth and those financially struggling. Scammers utilize social media and search engines, posing as financial advisors to gain trust and persuade individuals to invest in fraudulent schemes.
Mechanisms to Counter Scams
India's Ministry of Home Affairs leveraged the Indian Cyber Crime Coordination Centre (I4C) to identify and block suspicious activities. This includes monitoring digital lending apps and sharing lists of fraudulent advertisers with Google for prompt action. Google Pay is integrated into the Citizen Financial Cyber Frauds Reporting and Management System, enabling real-time interception of fraudulent transactions.
International Collaboration and Training
The report emphasizes the importance of educating law enforcement on blockchain analysis to trace illicit transactions. Nationwide crypto tracing training programs have been initiated, and the National Cybercrime Reporting Portal continues to facilitate scam reporting. India is also actively engaging with international bodies like the Financial Action Task Force (FATF).
India's collaboration with Google and Meta marks a crucial step in safeguarding citizens from crypto scams and enhancing global financial security standards.
