February 26, 2020

Crypto Crime Continues Increasing: France And Austria Are Teamed Up Against Cyber Fraud

In the cryptocurrency market, an issue of the increasing number of fraud incidents remains an acute fraud. Experts from France and Austria decided to team up to develop an innovative solution that will allow minimize the risk of money laundering, theft, other illegal activities.

Development of new technologies to combat crypto crime

A new stage in the fight against crypto-crime is directly related to the e-NIGMA platform development. E-NIGMA is a joint project of the French blockchain security company NIGMA Conseil and the Austrian Institute of Technology (AIT).

Following the developers’ plan, this platform will cover organizations that are already engaged in the fight against money laundering on exchanges and the study of shadow fraud in the cryptocurrency market. One such company is CipherTrace. Using this tool, you can detect violations in the conduct of transactions that do not comply with established KYC standards. This tool is universal and can be used for any business that is associated with electronic means.

Fabian Tabarli, CEO of NIGMA Conseil, praises the prospects for cooperation with Austrian Institute of Technology. 

“Thanks to the combined efforts of French and Austrian experts, innovative tools will combat fraud appeared on the cryptocurrency market”, – Fabian Tabarli notes.

The e-Nigma platform has a well-designed ecosystem. It allows you to detect transactions that were carried out using a darknet, the use of which is illegal. The platform also allows you to identify bots that are owners of cryptocurrency wallets. The platform’s tool system also captures a suspicious transfer of funds, signals a violation of the security of the blockchain.

It is worth noting that the Austrian Institute of Technology specializes in providing services to ensure the protection of data of participants in cryptocurrency operations. Such services include consultation on cybersecurity, monitoring and blocking transactions of a dubious nature, researching videos.

How does the EU resolve the issue of illegal use of cryptocurrency?

Fraudsters often use darknet to launder cryptocurrency funds. This process is an object of project Titanium’s study, for the solution of which leading government organizations, Interpol, as well as AIT specialists were involved. The EU has firm restrictions on use of anonymous cryptocurrencies, dark electronic wallets.

Also, cybersecurity organizations, cryptocurrency exchanges pay special attention to coin mixers. If coin mixing is detected on exchanges, user accounts may be blocked. In particular, the well-known company Binance is engaged in tracking illegal “depersonalization” of coins. Among the recent victories of the EU government in the fight against cybercrime, it is worth noting the liquidation of Bestmixer, which used the darknet to conduct transactions.

Thus, the e-Nigma platform has every chance of becoming an effective tool in the fight against crypto-crime and helping entrepreneurs improve the security of digital assets. assistant for entrepreneurs. The development of Austrian and French experts should contribute to the implementation of the Anti-Money Laundering Directive (AMLD5), which was approved in early 2020.

Disclaimer

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

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