India is intensifying efforts to curb pig butchering scams, a form of investment fraud that leverages crypto, by collaborating with tech giants Google and Facebook.
According to the Indian Union Home Ministry’s 2024 annual report, these scams primarily target vulnerable groups such as unemployed youths, housewives, students, and financially struggling individuals, exploiting their desire for quick financial gains.
The report underscores the global scale of the issue, which also involves large-scale money laundering and cyber slavery.
How India Tackles Crypto Pig Butchering Scams with Google and Facebook
Cyber fraudsters frequently misuse Google’s advertisement services and Facebook’s sponsored ads to launch fraudulent applications and malicious phishing schemes.
To counter this, the Indian Cyber Crime Coordination Centre (I4C) has partnered with these tech platforms to address the growing rate of cybercrimes occurring through their services.
I4C collaborates closely with Google to flag suspicious digital lending apps, monitor the misuse of Google’s Firebase domains, and block Android banking malware.
The center also shares lists of phishing advertisers with Google to ensure swift action is taken.
Additionally, Google Pay has been integrated into the Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS), enabling authorities to intercept and trace fraudulent transactions.
This integration has saved over ₹16 billion, benefiting more than 575,000 victims.
Similarly, Facebook plays a key role in identifying and removing illegal lending apps and scam-related advertisements flagged by I4C.
By sharing intelligence on scam pages and phishing links, I4C ensures swift action from Facebook to dismantle these operations.
These initiatives equip law enforcement agencies with the necessary skills to track blockchain transactions, seize illicit digital assets, and dismantle crypto fraud networks.
Cyber Fraud Reporting and Tackling Crypto Scams in India
The National Cybercrime Reporting Portal (NCRP), managed by I4C, offers citizens an accessible platform to report cybercrimes, focusing on financial fraud and crimes against women and children.
This initiative seeks to increase public trust and streamline the resolution of cybercrime cases.
The establishment of the National Counter Ransomware Task Force further strengthens India’s cybersecurity framework.
This task force collaborates with financial institutions, payment platforms, and cryptocurrency exchanges to prevent large-scale cyber incidents.
Additionally, I4C, as the national nodal agency, has the authority under Section 79(3)(b) of the Information Technology Act 2000 to require the removal of illegal content, helping to disrupt cybercrime operations effectively.
India’s Financial Intelligence Unit enforces stringent regulations, requiring all cryptocurrency exchanges operating within the country to register as reporting entities.
The Enforcement Directorate (ED) has intensified its efforts, freezing millions in illicit assets and dismantling high-profile scams.
India’s rise as the global leader in crypto adoption in 2024 underscores the importance of these measures, bolstered by high mobile access, an unbanked population, and a tech-savvy youth generation.
According to the “2024 Global Adoption Index” report from blockchain analytics firm Chainalysis, India ranks as the number one country for crypto adoption.#IndiaWeb3 #CryptoAdoptionhttps://t.co/xN7rQYjHMT
— Cryptonews.com (@cryptonews) December 10, 2024
A Dec 2024 report from Chainalysis and TRM Labs highlights India’s rapid growth in digital asset usage, with the crypto market projected to hit $6.6 billion at the end of 2024.
The post India Partners with Google and Facebook to Combat Crypto Pig Butchering Scams: 2024 Report appeared first on Cryptonews.
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.