Crypto: New challenge for cyber security

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Crypto: New challenge for cyber security

  • Cyber fraudsters are taking a new route to work with their associates in foreign countries and simultaneously hide money trails: Cryptocurrency.

Key highlights

  • Cyber Crime Unit are finding cryptocurrency fast becoming a means for illegal transactions.
  • Scamsters dealing in cryptocurrency have three modus operandi
  • Running fake call centres
  • Using Chinese apps to defraud people
  • Gift card scams.

Major concerns

  • It becomes difficult to catch cyber criminals at times since they have multiple bank accounts, e-wallets, gift cards, where they hide money.
  • With cryptocurrency, it is difficult to link an account to a person because transactions are anonymous.
  • Most of the money is sent to offshore accounts in 1-3 days. Once sent, it can’t be recovered.
  • With bank transactions or online payment systems, it’s easy to detect the money trail.
  • However, crypto is fast and it is difficult to identify who the end receiver is.