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India has recently intensified its efforts to combat a staggering $3.6 billion in crypto scams that have defrauded millions of citizens. The country is shifting its focus towards more advanced and sophisticated schemes, such as “pig butchering” frauds, which have been particularly devastating in the past year.
Google and Meta have joined forces with Indian authorities to dismantle fraudulent networks, recover a staggering ₹16 billion, and save over 575,000 victims from further financial harm. These collaborations aim to better equip citizens with knowledge of online scams and fraudulent activities involving cryptocurrencies.
The rise of “pig butchering” frauds has raised concerns about the vulnerability of India’s growing crypto market. Scammers have taken advantage of unsuspecting investors by creating fake cryptocurrency projects that seem promising at first glance, only to disappear with victims’ money once the initial investment is made. These schemes prey on emotional manipulation and create an environment where scammers can easily dupe people into handing over their life savings.
The Indian government has responded by leveraging its partnerships with major tech companies like Google and Meta to combat these scams more effectively than ever before. By integrating payment systems, such as Google Pay, with the national scam reporting system, authorities aim to accelerate the process of identifying and blocking fraudulent transactions in real-time.
Additionally, Meta’s vast digital ecosystem is being utilized to launch an instructional campaign that aims to educate citizens about online scams involving cryptocurrencies. The initiative focuses on raising awareness among the general public, empowering them with essential knowledge on spotting potential threats.
The country has been working to strengthen its defense against crypto-related frauds by countering advanced schemes fueled by artificial intelligence and machine learning. This includes AI-powered detection tools designed to identify patterns in fraudulent transactions and prevent further harm.
India’s efforts mark a significant shift towards a more proactive stance against crypto scams, emphasizing the importance of collaboration between authorities, tech companies, and citizens.
Source: www.crypto-news-flash.com
