Cryptocurrency might be the dawn of a new age and is already changing how we bank and transfer money, how people pay for goods, and even how we socialize in the digital age. According to Time Magazine, as of November 2021, the cryptocurrency market was worth more than $3 trillion, with a potential to grow more in 2022. While this growth is revolutionizing almost all significant aspects of our life, it also comes with its counterpart- cybercrime. These cybercrimes reveal themselves in many forms, from ransomware to email scams/phishing, malware, and various identity theft cases. Cybercriminals are moving faster with development, and they’re always able to develop new schemes to perform their money laundering. Fraudulent activities- a new form of these schemes involve cryptocurrency scams.
The Global issue of security in the Crypto Space
Since cryptocurrencies are fully decentralized, there’s no central authority to monitor the transactions and overall crypto activities. Furthermore, cryptocurrencies involve low levels of regulations, at this moment enabling cybercriminals to easily hack into cryptocurrency trading platforms and steal funds through ransomware. Using ransomware, cybercriminals can hide their true identities when asking for ransom in digital currencies. When making an exchange, they can easily convert cryptocurrencies into traditional forms without ever being discovered. One of the main reasons cryptocurrency appeals to scammers is because while it’s popular, it is still not widely understood, making consumers susceptible.
Among a string of incidents that occurred within the crypto space in the first quarter include:
Hackers swiped NFTs valued at $2.2 million in January from New York art collector Todd Kramer. A month later, at OpenSea — the world’s largest NFT market — an estimated $1.7 million worth of NFTs were stolen in an alleged phishing scam. According to Check Point Research, MetaMask, one of the most popular crypto wallet users, lost about $500,000 in a targeted phishing attack last fall.
In 2019, The Cyber Crime Unit of Delhi Police’s Special Cell apprehended a group of fraudsters who allegedly stole cryptocurrency from a Delhi-based businessman currently valued at Rs. 4 crores. The fraudulent transfer involved digital currency in the form of Bitcoin, Ether, and a host of other cryptocurrencies. The businessman reported it to a police station in Paschim Vihar.
Recently, scammers have been using advanced hacking bots on Telegram designed to trick investors into divulging their two-factor authentication, leading to accounts being — LOCKed and wiped out. All these point out one thing: crypto wallets’ security is constantly under attack, and plausible actions to mitigate these weaknesses must be deployed.
How Buycoins are currently playing in this space.
Buycoins is a cryptocurrency exchange that allows Africans to buy and sell cryptocurrencies instantly using their local currency. The company was developed as a cryptocurrency trading platform designed to simplify buying and selling cryptocurrencies. Currently, Bitcoin’s platform helps in buying, selling, storing, and transferring various cryptocurrencies by employing seamless payment methods, and hosting user information on secure servers, thus enabling users to trade instantly without waiting for traders.
Buycoins aims to usher Africa towards the global open financial system using digital currencies and their underlying technology, eliminating the struggle of spending and earning money in this new economy.
What Identitypass is currently doing to help
Crypto is a new concept for many users, so trust is more critical for the industry’s growth. This also includes ensuring compliance with local and international AML and KYC requirements. Crypto wallets must be willing to invest heavily across the board to be more compliant, protect their users from bad actors, and keep fraudsters from their platform. Companies like Buy coins need to make sure that their clients are who they claim to be and maintain a strategic distance from cybercriminals to avoid criminal activities like money laundering and financing of terrorism.
With Identitypass verifying identity is relatively easy for Buycoins- the customer can seamlessly provide their government-issued documents/identifiers such as NINs, BVNs, or even Phone numbers, and safety becomes guaranteed.
Through Identitypass AI-powered verification platform, Buycoins now ensures that the KYC checks being processed are robust and thorough and not strenuous for their customers. This way, only legitimate clients with real identities get onboarded as conveniently as possible, while bad actors signing up with fake identities are immediately kept out of the platform. Digital identity verification serves two significant purposes for both the medium and customers- security/brand protection for buycoins and convenience/security for their customers. By integrating with Identitypass and Buycoins’ customers now experience ease and safety; they can directly transact more securely without the fear of impersonation or fraud on their accounts.
Get Started and Promote Online Trust On your Platform today!
Identitypass is currently available to businesses that want the identity of their designated customers and partners to be verified without interruption before engaging in business transactions with them. You can contact our team to get started as a new user. We have a combination of resources for you when you start with Identitypass. Check our documentation page for more information about our endpoints.
Buycoins is a cryptocurrency exchange that allows Africans to buy and sell cryptocurrencies instantly using their local currency. The company was developed as a cryptocurrency trading platform designed to simplify buying and selling cryptocurrencies. Currently, Buycoin’s platform helps in buying, selling, storing, and transferring various cryptocurrencies by employing seamless payment methods, and hosting user information on secure servers, thus enabling users to trade instantly without waiting for traders.
Buycoins aims to usher Africa towards the global open financial system using digital currencies and their underlying technology, eliminating the struggle of spending and earning money in this new economy.
What Identitypass is currently doing to help
Crypto is a new concept for many users, so trust is more critical for the industry’s growth. This also includes ensuring compliance with local and international AML and KYC requirements. Crypto wallets must be willing to invest heavily across the board to be more compliant, protect their users from bad actors, and keep fraudsters from their platform. Companies like Buy coins need to make sure that their clients are who they claim to be and maintain a strategic distance from cybercriminals to avoid criminal activities like money laundering and financing of terrorism.
With Identitypass verifying identity is relatively easy for Buycoins- the customer can seamlessly provide their government-issued documents/identifiers such as NINs, BVNs, or even Phone numbers, and safety becomes guaranteed.
Through Identitypass AI-powered verification platform, Buycoins now ensures that the KYC checks being processed are robust and thorough and not strenuous for their customers. This way, only legitimate clients with real identities get onboarded as conveniently as possible, while bad actors signing up with fake identities are immediately kept out of the platform. Digital identity verification serves two significant purposes for both the medium and customers- security/brand protection for buycoins and convenience/security for their customers. By integrating with Identitypass and Buycoins’ customers now experience ease and safety; hence they can directly transact more securely without the fear of impersonation or fraud on their accounts.
Get Started and Promote Online Trust On your Platform today!
Identitypass is currently available to businesses that want the identity of their designated customers and partners to be verified without interruption before engaging in business transactions with them. You can contact our team to get started as a new user. We have a combination of resources for you when you start with Identitypass. Check our documentation page for more information about our endpoints.
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