The Cryptocurrency Compliance Cooperative and Cybera Launch Scam Reporting Tool
Apr 22, 2022
Enhanced Reporting Tool Files Victim Complaints to Help Recover Funds and Share Cybercrime Data with Law Enforcement
The Cryptocurrency Compliance Cooperative, a collaborative association led by top Bitcoin ATM operators and blockchain industry leaders advocating for compliance standards in the cryptocurrency industry, announced the launch of its cryptocurrency Scam Reporting Tool in partnership with Cybera, a global cybercrime data-sharing platform. This tool is a response to the need for an official outlet where victims of cryptocurrency-related scams can report threats and incidents to officials to help track and recover funds. It will also help to identify these nefarious actors and prevent future crimes. The Scam Reporting Tool allows victims of cryptocurrency scams to report any Bitcoin ATM, online exchange, or crypto-related outlet by filling out a brief form online. The tool, powered by Cybera’s data-centric platform, automatically files criminal complaints for victims to hopefully recover funds and shares cybercrime data with law enforcement officials and blockchain forensics partners. These officials, both domestically and internationally, will use the data to assist with trend analysis and prevent further victimization, money laundering, and fraudulent transactions. “We are committed to providing education to all industry participants in order to create a safer cryptocurrency ecosystem. Part of that involves providing law enforcement with resources and access to data they can utilize,” shares Seth Sattler, Executive Director of the Cryptocurrency Compliance Cooperative. “Partnering with Cybera, one of the Crypto3C’s member organizations, to launch this tool allows us to efficiently and safely share victim reports with law enforcement and utilize the data for typologies and trend analysis.”
According to the FBI’s Internet Crime Complaint Center (IC3) 2021 Internet Crime Report, last year, there were more than 1,500 reports of scams using crypto ATMs, with losses of approximately $28 million. The IC3 also received more than 4,325 complaints, with losses of over $429 million, from confidence/romance scam victims who also reported using investments and cryptocurrencies. With this tool, the Crypto3C advances its mission to create a safer environment for the cryptocurrency community and provide knowledge and tools to those interacting with it. All member companies will have access to the anonymized data surfaced by the Scam Reporting Tool free of charge. “The Cryptocurrency Compliance Cooperative’s collaborative efforts align perfectly with our mission of improving the financial ecosystem and supporting victims of online crime,” said Nicola Staub , Co-Founder and CEO of Cybera.