rewrite this title India partners with tech giants Google, Meta to curb ‘pig butchering’ scams

India has intensified efforts to curb crypto-related scams by collaborating with tech giants Google and Meta (formerly Facebook), according to the Ministry of Home Affairs’ 2024 annual report.

The initiative aims to combat the rising threat of “pig butchering” scams, a form of crypto investment fraud targeting vulnerable groups such as unemployed youth, housewives, students, and financially struggling individuals.

Rise of pig butchering

The report described how these scams typically lure victims through social media platforms and search engines, promising high returns on crypto investments. The scheme has gained increasing traction in recent months, with investors losing over $3.6 billion to these scams in 2024.

Scammers often pose as financial advisors or representatives of legitimate investment firms, gradually building trust before convincing victims to transfer large sums of money into fraudulent schemes.

The Ministry highlighted that fraudsters misuse Google’s advertisement services and Meta’s sponsored ads to launch malicious applications and phishing campaigns.

In response, the Indian Cyber Crime Coordination Centre (I4C) established protocols to work directly with these platforms to flag suspicious activities, block ads, and take down fraudulent content more rapidly.

Collaborative measures

As part of the initiative, I4C actively monitors digital lending apps and Android banking malware that exploit vulnerable users. The center shares lists of phishing advertisers with Google, enabling swift removal and account suspension. Meanwhile, Meta plays a crucial role in identifying and dismantling scam-related pages and illegal lending apps flagged by I4C.

In a significant step to protect users, Google Pay has been integrated into the Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS). This integration facilitates real-time interception of fraudulent transactions, allowing authorities to trace and freeze assets.

The report noted that this system saved over 16 billion Indian rupees and provided relief to more than 575,000 victims in 2023 alone. To bolster these efforts, the Ministry has prioritized educating law enforcement agencies on blockchain analysis, enabling them to trace illicit crypto transactions and seize digital assets involved in scams.

Other efforts

Training programs on crypto tracing and forensic analysis have been rolled out nationwide to enhance investigative capabilities. The National Cybercrime Reporting Portal (NCRP) continues to serve as a vital platform for citizens to report crypto scams, ensuring quicker case resolutions.

The Ministry also established the National Counter Ransomware Task Force, which works closely with financial institutions, payment platforms, and crypto exchanges to mitigate large-scale cyber threats.

The report also highlighted India’s active participation in international efforts, including collaboration with the Financial Action Task Force (FATF), to strengthen global standards for combating money laundering and terrorism financing involving cryptocurrencies. This international cooperation aims to address the transnational nature of crypto-related crimes.

Mentioned in this article