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India works with Google and Meta in order to combat the growing threat from crypto scams.
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Scams involving “pig butchering” will cost victims over $3.6 billion by 2024.
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Google Pay integrates India’s system for tracking transactions and preventing crypto fraud.
India has intensified its fight against the growing tide of crypto-related frauds, especially the notorious “pig butchering schemes”, by collaborating Google and Meta.
According to the Ministry of Home Affairs 2024 annual report this partnership aims at tackling financial fraud targeting vulnerable individuals such as unemployed youths, students, housewives and individuals facing financial difficulties.
The rise of “Pig Butchering Scams”
“Pig butchering”, also known as “scamming”, is a scam in which fraudsters pose to be financial experts or officials of investment firms to gain the trust of victims. These scams are often started by targeted ads on platforms such as Google Ads or Meta’s sponsored post.
Once trust has been established, perpetrators will pressure victims into investing large sums of money in fake or nonexistent crypto investment schemes. The MHA reported that these scams will cause losses of more than $3.6 billion by 2024. This highlights the urgent need to take action.
India’s Cyber Crime Coordination Centre has partnered up with Google and Meta to combat the rise in scams. This collaboration focuses primarily on tracking and flagging suspicious activity, blocking fraudulent ads and removing scam related content from these platforms.
By engaging directly with Google and Meta the initiative aims at curbing the reach of malicious agents, reducing the risks for unwary users.
Crypto Fraud: Key Measures to Combat it
The integration of Google Pay with India’s Citizen Financial Cyber Frauds Reporting and Management System has been instrumental in identifying and tracing suspicious transactions.
Read Binance’s Help to Delhi Police in Busting Crypto Scams
This system allows for real-time monitoring and helps authorities to freeze fraudulent assets, preventing further losses. It saved more than Rs16 billion ($193 millions) in 2023 and helped more than 575,000 victims of fraud.
I4C works closely with Google in order to detect and remove phishing ads quickly. The center actively monitors Android banking malware and digital lending apps that exploit vulnerable users. It suspends scam-related accounts in order to protect the public.
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