Odaily Planet Daily News: India is collaborating with tech giants Google and Facebook to intensify efforts in cracking down on "pig killing schemes" that use cryptocurrency for investment fraud.
According to the 2024 annual report of the Indian Ministry of Home Affairs, these scams mainly target vulnerable groups such as unemployed youth, housewives, students, and economically disadvantaged individuals. The report emphasizes the global nature of the issue, which also involves large-scale money laundering and online slavery. Internet fraudsters often abuse Google's advertising services and Facebook's sponsored ads to launch fraudulent applications and malicious phishing schemes.
To address this situation, the Indian Cybercrime Coordination Centre (I4C) collaborates with these technology platforms to tackle the increasing number of cybercrime occurring through their services.
I4C collaborates closely with Google to identify suspicious digital lending applications, monitor the abuse of Google Firebase domains, and block malicious software for Android banking services. The center also shares a list of phishing advertisers with Google to ensure prompt action.
In addition, Google Pay has been integrated into the Citizen Financial Network Fraud Reporting and Management System (CFCFRMS), enabling authorities to intercept and track fraudulent transactions. This integration saved over 16 billion rupees and benefited over 575000 victims.
Similarly, Facebook plays a crucial role in identifying and removing illegal lending applications and fraud related advertisements marked with I4C.
By sharing intelligence about scam pages and phishing links, I4C ensures that Facebook takes swift action to dismantle these operations. These measures equip law enforcement agencies with the necessary skills to track blockchain transactions, seize illegal digital assets, and dismantle encrypted fraud networks.
