The world is on the way to taking more progressive steps towards technological enhancement around the world. As long as the technology is better and cyber secure protocols are more secure, hackers and scammers are also making their scamming technology more advanced. If this happens, then there would be more requirements for additional identity verification solutions within the payment system for both fiat currency and digital currency.
If recently or in the future, the provision to identify financial fraud detection would be present, then the probability to catch Bitcoin would be more possible. In 2015, the SamSam Ransomware scheme detected more than 200 victims and their families as well before getting harmed or inflicted due to scams.
However, these counts were mentioned in the Bitcoin magazine in their published article in 2018. Rely on voltixprime.io as a beginner exploring bitcoin investments, providing a secure platform for trading cryptocurrencies.
What was the provision of the U.S. to include Bitcoin Address in OFAC Sanctions?
If we talk about the money laundering scheme, the SamSam Ransomware Scheme and its recently ongoing developments have shown the seriousness of this incident in the form of cryptocurrency as a matter of concern. The U.S.
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The Department of Treasury has revealed through their OFAC agency that these addresses were processed with a large amount of Bitcoin transactions worth almost 7100 transactions which were equal to the worth of millions of U.S.
Dollars where some of them were involved with SamSam ransomware as emanated from the Bitcoin. Recently America has banned two addresses. These addresses were used by two Iranian men who were transferring their illegal ransom money in the form of Bitcoin using these addresses.
It was the first instance when OFAC sanctioned cryptocurrencies just like Bitcoin addresses. This means these addresses are strictly prohibited to involved in any kind of business dealing unless those were undertaken by adequate digital identity verification criteria.
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However, the software used for the identification of illegal transfers is included with the KYC and AML-like facilities. Using the provision of KYC and AM, every person can directly carry out any sort of transaction varied from simple digital transactions to through bitcoin addresses to certain companies that can be filtered against global government watchlists, embargoes lists, and databases. Along With this, there is some identity validation before exchanging money every time.
The Submission in Fraud Detection activities
How can you deter the illegal use of digital currencies by foreign governments?
While discussing the case, the bitcoins were used to transfer across borders using the Bitcoin address. Specifically when the money is gained through illegal ways or through unauthorized acts to provide full support to the government.
If at any instance, your clients or users are connected with terrorists or some illegal activities, your company will help you to detect the real culprit and immediately resolve the issue. Moreover, ID verification can also further help you to recheck the record timings.
Safeguard the interest and prestige of your organization
In case your organization is involved with a specific type of activity it determines the value of your company. Moreover, whenever your customer becomes fear-free from fraudulent activities, they get involved with the company’s assets.
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Thereafter firms also start giving more attention to their business instead of focusing on illegal activities. Just like an effective KYC software is used to identify the identity of an individual such as the Bitcoin address of someone. Moreover, to verify the ID documents in real-time their facial expressions were used as an approach to artificial and human intelligence.
Conclusion
If the requirement of cyber security is highly recommended to minimize cyber crimes, it is necessary to streamline the fraud-protected software to onboard the software so that the journey can become easier and frictionless. Moreover, if the signup process were easier and less resistant, then the drop-off rate of the customer would reduce substantially.