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How India Combats $3.6B Crypto Scams with Big Tech
In a bold move to tackle the rising issue of crypto scams, the Indian government has partnered with tech giants Google and Meta to take down fraudulent networks and recover lost funds. The collaboration has resulted in an impressive ₹16 billion recovered last year alone, saving over 575,000 victims from further financial damage.
The focus of this joint effort is primarily on “pig butchering” schemes, which have defrauded a staggering $3.6 billion in 2024. These scams employ emotional manipulation to deceive people into investing in bogus projects, and authorities are working closely with big tech to outpace these evolving threats.
One of the key strategies employed by Google is the integration of its payment system, Google Pay, into India’s national scam reporting system. This move aims to streamline the process of identifying and recovering stolen funds, allowing for a more effective response to these scams.
In addition, Meta has launched an educational campaign aimed at increasing public awareness about online scams, including those involving cryptocurrencies. By leveraging its massive digital ecosystem, the company hopes to educate millions of people on how to spot and avoid fraudulent activities.
The Indian government’s efforts to combat crypto scams are not limited to these collaborations. Authorities have also increased their focus on combating schemes fueled by artificial intelligence (AI) and deepfake technologies, which utilize convincing digital impersonations and complex tactics to deceive victims. The emphasis is now on developing robust defenses capable of keeping pace with the rapidly evolving nature of these threats.
Interestingly, India has made significant strides in Web3 innovation, having supported over 1,000 startups and providing a fertile ground for further growth and development. This initiative holds immense potential for the country’s economy and could potentially be leveraged to combat future crypto scams.
In conclusion, India’s efforts to tackle crypto scams demonstrate a commitment to protecting its citizens from fraudulent activities. The collaboration with Google and Meta serves as a prime example of this dedication, and it is essential that authorities continue to adapt and innovate in their approach to keep pace with the rapidly evolving nature of these threats.
Source: www.crypto-news-flash.com
