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.
- 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.
- 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.