India partners with tech giants Google, Meta to curb ‘pig butchering’ scams
India is intensifying efforts to combat crypto-related scams by collaborating with Google and Meta. The initiative targets "pig butchering" scams, which have defrauded investors of over $3.6 billion in 2024, primarily affecting vulnerable groups. Scammers lure victims through social media and search engines, posing as financial advisors. The Indian Cyber Crime Coordination Centre (I4C) has established protocols with these tech giants to flag suspicious activities, block ads, and remove fraudulent content. Google Pay has been integrated into the Citizen Financial Cyber Frauds Reporting and Management System, enabling real-time interception of fraudulent transactions, saving over 16 billion Indian rupees for more than 575,000 victims in 2023. Training programs on blockchain analysis and crypto tracing have been implemented for law enforcement. The National Cybercrime Reporting Portal facilitates reporting of scams, while the National Counter Ransomware Task Force collaborates with financial institutions to mitigate cyber threats. India is also working with the Financial Action Task Force to enhance global standards against money laundering and terrorism financing involving cryptocurrencies.
