India is intensifying efforts to combat crypto scams, enlisting support from Google and Meta. The initiative focuses on targeting ‘pig butchering’ scams that exploit economically vulnerable populations.
India has stepped up its efforts to combat scams involving cryptocurrency. According to the Indian Ministry of Home Affairs’ 2024 annual report, the nation has secured the backing of internet behemoths like Google and Meta in its endeavor to combat cryptocurrency frauds. What you need know about the development is as follows.
India Joins Forces With Meta and Google to Combat Crypto Scams
According to the study, “pig butchering” scams are the main focus of India’s initiative to combat cryptocurrency scams. This kind of scam is extremely delicate since it targets the nation’s most economically vulnerable populations, including jobless youth, housewives, students, and others who are struggling financially.
According to the report, Tech Giants has partnered with India on this project.
How This Crypto Scam Operates
There is a distinct pattern to this scam that is quite simple to spot. Scammers typically use search engines and social media sites, particularly Google’s and Meta’s sponsored adverts.
To gain victims’ trust, they pretend to be seasoned financial professionals or representatives of prominent investment firms. They strategically persuade victims to invest in fraudulent schemes after earning their trust through their acts.
The Function of the Indian Cyber Crime Coordination Center
According to the article, the Indian Cyber Crime Coordination Centre has worked with digital firms to create procedures for promptly removing bogus content from websites like Google and Meta.
In order to facilitate the real-time interception of suspicious transactions, the paper also highlights how Google Pay has been placed within the jurisdiction of the Citizen Financial Cyber Frauds Reporting and Management System.
According to the analysis, this integration saved at least 16 billion Indian rupees in 2023 alone.
Technology and Training for Law Enforcement
The report highlights the creation of the National Counter Ransomware Task Force to combat significant cyberthreats, the nationwide training initiatives implemented to enhance crypto investigative skills, and the National Cybercrime Reporting Portal’s function as a useful platform for reporting crypto scams.
India’s Contribution to the Global War against Cryptocrime
By highlighting the efforts made to comply with the Financial Action Task Force, the report highlights India’s dedication to international efforts to combat devastating financial crimes like money laundering and terrorism financing.
To sum up, India’s proactive actions, such as collaborating with tech behemoths and strengthening international collaboration, portend a bright future for the cryptocurrency industry. AI tools and collaborations like these could guarantee a safer, more secure ecosystem in 2025 and beyond as frauds are reduced and awareness rises.
