India has stepped up its efforts to combat crypto-related scams. The Indian Home Ministry’s 2024 annual report shows that the country has secured the support of tech giants such as Google and Meta in its plan to curb crypto fraud. Here’s what you need to know about the development.
The report indicates that India’s initiative to combat crypto fraud is primarily focused on ‘pig slaughter’ fraud. This type of scam is highly sensitive as it targets the economically vulnerable sections of the country’s population such as unemployed youth, housewives, students and financially distressed individuals.
According to the report, leather giants are partnering with India in this initiative.
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, mainly Google’s advertising services and Meta’s sponsored ads. They pose as experienced financial experts or officials of prestigious investment firms to gain the victims’ trust. After gaining trust through their actions, they tactically convince victims to invest in fraudulent schemes.
The role of Indian Cybercrime Coordination Center
The report highlights that India’s Cyber Crime Coordination Center has developed protocols in collaboration with tech giants to remove fraudulent content from platforms such as Google and Meta in a timely manner.
The report also highlights 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 through this integration, the report said.
Law Enforcement Training and Technology
The report highlights the nationwide training programs launched to improve cryptocurrency investigative capabilities, the role of the National Cybercrime Reporting Portal as an effective platform for reporting crypto fraud, and the creation of the National Counter Ransomware Task Force to counter massive crypto threats to fight.
India’s role in the global fight against crypto crimes
The report highlights India’s commitment to global efforts to combat disastrous financial crimes such as money laundering and terrorist financing and highlights the efforts made to achieve compliance with the Financial Action Task Force.
In short, India’s proactive measures, from partnering with tech giants to strengthening global cooperation, indicate a hopeful future for the crypto space. As scams are reduced and awareness grows, AI tools and partnerships like these can create a safer ecosystem in 2025 and beyond.
