Government acts to curb scams and cyber frauds | Fusion - WeRIndia

Cybercriminals are increasingly targeting vulnerable groups like students, unemployed youth, and housewives through a growing menace known as the pig butchering scam or investment scam.

The Union Home Ministry’s annual report highlights the alarming rise in these fraudulent activities, causing significant financial losses daily.

This scam, which originated in China in 2016, involves criminals building trust with victims before luring them into fake investment schemes, often in cryptocurrency.

The term “pig butchering” symbolizes how victims are “fattened” with false promises before being financially exploited.

Cybercriminals use platforms like Google Ads and sponsored Facebook posts to target victims.

WhatsApp remains the most misused platform, with 14,746 cybercrime complaints reported by March 2024.

Other platforms, including Telegram, Instagram, and YouTube, have also seen significant misuse.

To address this threat, the Indian Cyber Crime Coordination Centre has partnered with Google and Facebook to share intelligence and act against such scams.

These collaborations help identify and remove fraudulent content, curbing the misuse of these platforms.

The government has launched several initiatives to combat cybercrime.

The National Cybercrime Threat Analytical Unit monitors complaints, analyzes trends, and shares insights with stakeholders like banks, payment gateways, and e-commerce companies.

These efforts help prevent misuse and improve security measures.

The Cyber Volunteer Framework encourages citizens to report unlawful online content and promote cyber hygiene.

By March 2024, 54,833 volunteers had joined the initiative, aiding law enforcement agencies.

Additionally, the Citizen Financial Cyber Frauds Reporting and Management System is pivotal in saving stolen funds.

This platform brings together law enforcement, banks, and financial intermediaries to stop fraudulent transactions.

Since its launch in April 2021, it has recovered over ₹16 billion, benefiting 5,75,000 victims.

The government’s proactive approach, combined with public participation and cooperation with tech giants, aims to mitigate the rising threat of cybercrime.

These efforts underscore the importance of collective action in safeguarding digital platforms and protecting citizens.

Image by Mohamed Hassan from Pxhere (Free for commercial use / CC0 Public Domain)

Image Published on May 29, 2020

Image Reference: https://pxhere.com/en/photo/1615115