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India is amplifying its initiatives to combat pig butchering scams, a form of funding fraud that utilizes cryptocurrency, by partnering with technology giants Google and Facebook.
According to the Indian Union Home Ministry’s 2024 annual report, these scams predominantly target vulnerable groups such as unemployed youth, homemakers, students, and individuals facing financial hardships, taking advantage of their desire for quick monetary gains.
Source: mha.gov.in
The report highlights the global nature of the problem, which also encompasses extensive money laundering and cyber slavery.
How India Addresses Crypto Pig Butchering Scams with Google and Facebook
Cybercriminals frequently exploit Google’s advertising services and Facebook’s sponsored ads to create fraudulent applications and harmful phishing schemes.
In response, the Indian Cyber Crime Coordination Centre (I4C) has formed a partnership with these tech companies to tackle the increasing rate of cybercrimes occurring through their platforms.
Source: mha.gov.in
I4C works closely with Google to identify suspicious digital lending applications, oversee the misuse of Google’s Firebase domains, and block Android banking malware.
The center also provides Google with lists of phishing advertisers to ensure prompt action is taken.
Additionally, Google Pay has been integrated into the Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS), allowing authorities to intercept and trace fraudulent transactions.
This integration has resulted in savings of over ₹16 billion, aiding more than 575,000 victims.
Similarly, Facebook plays a crucial role in identifying and removing illegal lending applications and scam-related advertisements reported by I4C.
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By sharing intelligence on scam pages and phishing links, I4C ensures that Facebook can act quickly to dismantle these operations.
These efforts equip law enforcement agencies with the necessary skills to trace blockchain transactions, seize illicit digital assets, and dismantle cryptocurrency fraud networks.
Cyber Fraud Reporting and Addressing Crypto Scams in India
The National Cybercrime Reporting Portal (NCRP), overseen by I4C, provides citizens with an accessible platform to report cybercrimes, focusing on financial fraud and crimes against women and children.
This initiative aims to enhance public trust and streamline the resolution of cybercrime cases.
The establishment of the National Counter Ransomware Task Force further bolsters India’s cybersecurity framework.
This task force collaborates with financial institutions, payment platforms, and cryptocurrency exchanges to avert large-scale cyber incidents.
Moreover, I4C, as the national nodal agency, possesses the authority under Section 79(3)(b) of the Information Technology Act 2000 to mandate the removal of illegal content, effectively disrupting cybercrime operations.
India’s Financial Intelligence Unit enforces strict regulations, requiring all cryptocurrency exchanges operating in the country to register as reporting entities.
The Enforcement Directorate (ED) has intensified its actions, freezing millions in illicit assets and dismantling high-profile scams.
India’s emergence as a global leader in cryptocurrency adoption in 2024 emphasizes the significance of these measures, supported by high mobile access, an unbanked population, and a tech-savvy youth demographic.
According to the “2024 Global Adoption Index” report from blockchain analytics firm Chainalysis, India ranks as the top country for cryptocurrency adoption.#IndiaWeb3 #CryptoAdoptionhttps://t.co/xN7rQYjHMT
— Cryptonews.com (@cryptonews) December 10, 2024
A December 2024 report from Chainalysis and TRM Labs highlights India’s rapid advancement in digital asset utilization, with the cryptocurrency market expected to reach $6.6 billion by the end of 2024.
The article India Partners with Google and Facebook to Combat Crypto Pig Butchering Scams: 2024 Report first appeared on Cryptonews.
