PANews reported on January 4 that according to Cryptoslate, India has stepped up its efforts to combat crypto-related scams by working with technology giants Google and Meta (formerly Facebook) according to the Ministry of Internal Affairs' 2024 annual report. The plan aims to combat the growing threat of "pig killing" scams, a form of crypto investment fraud that targets vulnerable groups such as unemployed youth, housewives, students and individuals with financial difficulties.
The report describes how these scams typically lure victims through social media platforms and search engines, promising high returns on cryptocurrency investments. The scams have grown in popularity in recent months, with investors losing more than $3.6 billion to them in 2024. Scammers often pose as financial advisors or representatives of legitimate investment firms, gradually building trust and then convincing victims to transfer large sums of money into fraudulent schemes. The ministry highlighted that fraudsters abuse Google's advertising services and Meta's sponsored ads to launch malicious apps and phishing campaigns. In response, the Indian Cyber Crime Coordination Centre (I4C) has developed protocols to work directly with these platforms to flag suspicious activity, block ads and remove fraudulent content more quickly.
As part of the initiative, the Indian Cyber Crime Coordination Centre actively monitors digital lending apps and Android banking malware that exploit vulnerable users. The centre shares the list of phishing advertisers with Google for quick removal and suspension of accounts. Meanwhile, Meta plays a vital role in identifying and taking down scam-related pages and illegal lending apps flagged by I4C.
In an important move to protect users, Google Pay has been integrated into the Citizens Financial Fraud Reporting and Management System (CFCFRMS). This integration helps intercept fraudulent transactions in real time, enabling authorities to trace and freeze assets.
The report states that the system saved more than 16 billion Indian rupees and provided relief to more than 575,000 victims in 2023 alone. To strengthen these efforts, the ministry has prioritized educating law enforcement agencies on blockchain analysis, enabling them to track illegal crypto transactions and seize digital assets involved in scams.
