India’s Crackdown on Crypto Scams: A Collaborative Effort with Tech Giants
The Rise of Pig Butchering Scams
– Scammers targeting vulnerable groups with promises of high returns on crypto investments
– Victims lured through social media platforms and search engines
– Over $3.6 billion lost to these scams in 2024
Collaborative Measures to Combat Scams
– Indian Cyber Crime Coordination Centre (I4C) working with Google and Meta to flag suspicious activities
– I4C monitoring digital lending apps and Android banking malware
– Google Pay integrated into Citizen Financial Cyber Frauds Reporting and Management System for real-time interception of fraudulent transactions
Other Anti-Scam Efforts in India
– Training programs on crypto tracing and forensic analysis nationwide
– National Cybercrime Reporting Portal for citizens to report crypto scams
– National Counter Ransomware Task Force working with financial institutions and crypto exchanges
– Collaboration with international organizations like the FATF to combat money laundering and terrorism financing involving cryptocurrencies
