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TMI BlogCyber fraud called 'pig butchering scam' targeting unemployed youths, housewives, students: MHA reportX X X X Extracts X X X X X X X X Extracts X X X X ..... Cyber fraud called 'pig butchering scam' targeting unemployed youths, housewives, students: MHA report - PTI News Dated:- 2-1-2025 PTI - News - Cyber fraud called 'pig butchering scam' targeting unemployed youths, housewives, students: MHA report - - - Dated:- 2-1-2025 - New Delhi, Jan 2 (PTI) A new cyber fraud known as "pig butchering scam" or "investment scam" has emerged, targeting unemployed y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ouths, housewives, students, and needy people who are made to lose large sums of money daily, according to the latest annual report of the Union home ministry. The report said that cybercriminals have also been using Google services platforms to initiate these crimes. "Google Advertisement platform provides a convenient facility for targeted advertisement from across the border. This scam, known a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 'Pig Butchering Scam' or 'Investment Scam' is a global phenomenon and involves large-scale money laundering and even cyber slavery," it said. The pig butchering scam, which is believed to have started in China in 2016, targets gullible individuals with whom cyber criminals build trust over time, ultimately convincing them to invest in cryptocurrency or some other lucrative scheme when their mone ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y is stolen. The analogy to pig butchering comes from the fattening of swine before their slaughter. To curb the menace, the home ministry's Indian Cyber Crime Coordination Centre (I4C) has partnered with Google to share the threat intelligence for urgent action periodically. The cybercriminals are using sponsored Facebook to launch illegal lending applications in India, the report said. "Such lin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ks are proactively identified and shared with Facebook, along with Facebook pages for necessary action," it said. WhatsApp remains the biggest social media platform that is possibly misused by cyber criminals in India, the report said. The data published in the report on "cybercrime complaints where Big Tech platforms have been misused" shows that 14746 complaints were related to WhatsApp, 7651 ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst Telegram, 7152 against Instagram, 7051 against Facebook, and 1135 against YouTube till March 2024. "Big techs play an important role in proactive identification and action on cyber criminals. I4C has partnered with Google and Facebook for sharing intelligence and signals for proactive actions," the report said. National Cybercrime Threat Analytical Unit (NCTAU) of I4C analyses the complaints ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reported on the portal and prepares analysis reports on the latest trends of cybercrime and misuse of services provided by service providers, it said. "These reports are shared with all the concerned stakeholders, i.e., banks, wallets, merchants, payments aggregators, payment gateways, e-commerce and other departments to take preventive measures and mitigate the misuse of their platforms/services ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ," the report said. The ministry has also rolled out a Cyber Volunteer Framework, which enables citizens to enrol as cyber volunteers for reporting unlawful content on the Internet, dissemination of cyber hygiene and as cyber experts to aid law enforcement under which 54,833 volunteers had registered by March 31, 2024, according to the report. The ministry's integrated platform Citizen Financial C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yber Frauds Reporting and Management System (CFCFRMS), where all stakeholders, including law enforcement agencies of states/Union territories, all major banks and financial intermediaries, payment wallets, crypto exchanges and e-commerce companies, work in tandem. The platform ensures quick, decisive, and system-based effective action to prevent the flow of money from the victim's account to the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yber fraudster's account and the seized money is restored to the victim following due legal process, it said. "Since its launch in April 2021, so far this platform has been able to save more than Rs 16 billion from going into the hands of fraudsters, and thus benefiting more than 5,75,000 victims," it said. PTI ABS ACB ZMN - News - Press release - PIB Tax Management India - taxmanagementindia - ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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