Interpol concluded a partnership with a South Korean artificial intelligence startup aimed at tracking and combating cryptocurrency-related crimes on the darknet. The organisation will use a new data analysing engine to track illegal activity.
The darknet has been a pain in the neck for the police and law enforcement agencies for years. Criminals steal people’s confidential information and sell it for illegal purposes, at the same time making it nearly impossible to track or catch them. The same thing concerns cryptocurrency. Despite the blockchain network is completely transparent and all transactions are traceable, it doesn’t matter as long as the parties conducting the transaction remain anonymous.
The recent COVID-19 pandemic has put the world into chaos, making it even easier for criminals to get away with their illegal activities. Solely coronavirus-related scams have significantly increased, as coinidol.com, a world blockchain news outlet, has reported. The “CovidLock” ransomware app has made a lot of fuss in the community these days. Some criminals have disguised themselves as the WHO and have been tricking people into donating cryptocurrencies.
However, the situation was not much better even before the coronavirus pandemic. 2019 has seen a huge surge of cyberattacks including with the use of ransomware. A 500% increase compared to 2017 and 2018 is not something to sneeze at.
Italy has lost around $10 billion to cybercriminals to 2017 and 2018, with the amount constantly growing. One of the reasons for such great losses is a lack of awareness about blockchain and cryptocurrency. That is why the government is planning on educating and informing people about digital technologies and risks associated with them.
Countries and governments are trying to take measures to change the situation and catch those who try to use the darknet and cryptocurrencies for illegal purposes. The UK Financial Conduct Authority has issued recommendations that would help people avoid getting into scammers’ nets, especially during the COVID-19 pandemic.
Belarus is planning to officially allow confiscating cryptocurrency that is suspected or exposed in being involved in illegal activities. The Head of the country’s Crime Investigative Committee, Ivan Noskevich offered the government of the country to pay more attention to cryptocurrency as it bears a high risk of law violations. The idea might actually come into life as soon as Alexander Lukashenko approves it.
So, considering the worldwide situation, it is only natural that the Interpol is exploring any possibility to improve the situation and make the battle against cybercrime more successful.