Blockchain security company CertiK has discovered that crypto-scammers have discovered a “cheap and easy” black market. The company found that they can hire people to put their name and face on fictitious enterprises — All for the modest sum of $8. These people, whom CertiK referred to as “Professional KYC actors,” voluntarily accept the position […]
, due to an increase in scams involving highly volatile and speculative assets, U.K high street lenders are tightening their position on cryptos.
They stand in contrast to several FinTech companies that are expanding their market share despite falling prices and the collapse of significant companies. ., Americans have lost more than $1 billion to crypto-scams since the beginning of last year. Here, it’s worth noting that even though the numbers are from June this year, the present scenario has only gotten worse.
According to the survey, cryptocurrency-based scams now account for a quarter of all money lost to this type of fraud, which translates to roughly 46,000 people between January and March 2021. Nearly 60 times more cryptocurrency losses occurred in 2018 than in 2017.Over 40 websites reportedly assess cryptocurrency projects and provide “KYC badges,” according to CertiK.
The report further stated that the teams behind these websites are “without the necessary investigation methodology, training, and expertise.” This means that these badges are used by con artists to deceive members of the public and investors. Having said that, the sector has been working hard and is making progress in its battle against crypto-scammers. For instance, in its latest attempt to detect and prevent fraud, Mastercard unveiled a technology that blends blockchain data and artificial intelligence.Subscribe to get it daily in your inbox.
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