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Market News

India Fights Crypto Scams with Google and Facebook’s Help

Written By Jahnu Jagtap
Published January 4, 2025 1:43 AM·Updated 2 years ago
Make The Crypto Times preferred on GoogleGoogle
India Partners with Google and Facebook to Fight Crypto Scams

In an effort to combat pig butchering scams, India is working with tech behemoths Google and Facebook. The Indian Union Home Ministry’s 2024 annual report states that these scams specifically target vulnerable groups, taking advantage of their desire for rapid financial gains, including housewives, students, unemployed youths, and those in financial hardship.

According to the report, cyber fraudsters frequently misuse Google’s advertisement services and Facebook’s sponsored ads to launch fraudulent applications and malicious phishing schemes.

In order to combat this, the Indian Cyber Crime Coordination Centre (I4C) has partnered with these tech platforms to address the growing rate of cybercrimes occurring through their services.

cyber crime numbers
Source: MHA

I4C works closely with Google to block Android banking malware, report suspicious digital lending apps, and keep an eye on abuse of Google’s Firebase domains. Additionally, the center provides Google with lists of phishing advertisers to guarantee prompt action.

In order to help authorities intercept and track down fraudulent transactions, Google Pay has also been integrated into the Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS).

In addition to helping more than 575,000 victims, this integration has saved over ₹16 billion. 

Facebook is also crucial in locating and eliminating fraudulent lending apps and ads linked to scams that I4C has identified. By exchanging information about phishing links and scam pages, I4C makes sure Facebook takes prompt action to shut down these schemes.

Also Read: India’s crypto future will depend on global cooperation: Gov

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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