India intensifies its crackdown on cryptocurrency scams in 2024, collaborating with Google and Meta to combat "pig butchering" schemes

ChainCatcher news, according to a report by Cryptoslate, based on the Ministry of Home Affairs' 2024 annual report, India has intensified its efforts to combat crypto-related scams by collaborating with tech giants Google and Meta (formerly Facebook). The initiative aims to tackle the growing threat of "pig butchering" scams, a form of crypto investment fraud targeting vulnerable groups such as unemployed youth, homemakers, students, and individuals facing economic hardships.

The report describes how these scams typically lure victims through social media platforms and search engines, promising high returns on cryptocurrency investments. In recent months, these scams have become increasingly rampant, with investors losing over $3.6 billion to these schemes in 2024. Scammers often impersonate financial advisors or representatives of legitimate investment firms, gradually building trust before convincing victims to transfer large sums of money into fraudulent schemes. The ministry emphasized that fraudsters abuse Google's advertising services and Meta's sponsored ads to launch malicious applications and phishing activities. In response, India's Cyber Crime Coordination Center (I4C) has developed protocols to work directly with these platforms to flag suspicious activities, block ads, and expedite the removal of fraudulent content.