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India has strengthened its effort to fight crypto-related scams. The 2024 annual report of the Indian Ministry of Home Affairs reveals that the country has ensured the support of tech giants like Google and Meta in its plan to curb crypto scams. Here is what you should know about the development.
India Teams Up With Google and Meta to Fight Crypto Scams
The report indicates that India’s initiative to fight crypto scams primarily targets ‘pig butchering’ scams. This type of scam is very sensitive, as it preys on the economically vulnerable groups of the country’s population, such as unemployed youngsters, housewives, students and financially struggling individuals.
Teach giants have teamed up with India in this initiative, according to the report.
How This Crypto Scam Works
This scam has a clear pattern, which is extremely easy to identify. Generally, scammers use social media platforms and search engines, primarily Google’s advertisement services and Meta’s sponsored ads. They pose as experienced financial experts or officers of prestigious investment firms, to win the trust of victims. After gaining trust through their actions, they tactically convince victims to invest in fraudulent schemes.
Indian Cyber Crime Coordination Centre’s Role
The report highlights that the Indian Cyber Crime Coordination Centre has developed protocols in collaboration with tech giants to remove fraudulent content from platforms like Google and Meta in a timely manner.
The report also emphasises that Google Pay has been brought under the purview of the Citizen Financial Cyber Frauds Reporting and Management System to enable real-time interception of suspicious transactions.
In the year 2023 alone, no less than 16 billion Indian rupees were saved by this integration, as per the report.
Training and Technology for Law Enforcement
The report points out the nationwide training programs launched to improve crypto investigative capabilities, the National Cybercrime Reporting Portal’s role as an effective platform for reporting crypto scams, and the establishment of the National Counter Ransomware Task Force to fight massive crypto threats.
India’s Role in Global Crypto Crime Fighting
The report emphasises India’s commitment to global efforts to combat disastrous financial crimes like money laundering and terrorism financing, pointing at the effort made to achieve compliance with the Financial Action Task Force.
In conclusion, India’s proactive measures, from teaming with tech giants to enhancing global cooperation, signal a hopeful future for the crypto space. As scams are curbed and awareness grows, AI tools and partnerships like these could ensure a safer, more secure ecosystem in 2025 and beyond.
