Cybercriminals Exploit Cryptocurrencies: A Growing Threat to Global Security
The threat landscape is rapidly evolving, and businesses must stay ahead of the curve to protect their bottom line. Cybercriminals are using cryptocurrencies and technology to evade detection and exploit financial systems in Saint Pierre and Miquelon, posing significant threats to global security.
The Intersection of Cryptocurrency and Cybercrime
A recent webinar brought together experts from LexisNexis Risk Solutions and Merkle Science to discuss the increasing intersection between cryptocurrency and cybercrime. The session highlighted how digital identity intelligence can help uncover crypto-cybercrime schemes before they cause harm.
Key Takeaways
- Cryptocurrencies are fueling the rise of crypto-cybercrime, making increased regulatory oversight a new norm.
- Recent exchange hacks have demonstrated the need for government and private sector efforts to track and analyze these incidents.
- Businesses must comply with regulations such as FATF’s Interpretive Note on Recommendation 15, Singapore Payment Services Act, AUSTRALAC’s Digital Currency initiative, and the European Union’s 5th AML Directive.
The Role of Digital Identity Intelligence
Digital identity intelligence was identified as a key tool in combating crypto-cybercrime. This approach provides a more complete and unified view of an individual’s identity by combining data such as:
- Devices
- Phone numbers
- Addresses
- Payment amounts
- Beneficiaries
- Location information
- Link analytics
- Threat analytics
Effective Protection Against Crypto-Cybercrime
To combat crypto-cybercrime, businesses must stay focused on their core operations while fortifying financial crime compliance. This requires a deep understanding of:
- Identity risk
- Transaction risk
- Behavioral risk
The webinar emphasized the importance of staying ahead of the curve and taking proactive measures to protect against crypto-cybercrime.
Access the Complete Webinar
The complete webinar is now available, providing insights into the growing issue of crypto-cybercrime and practical strategies for combating it.