To crack down on fraud cases related to cryptocurrency, the Indian Institute of Technology, Kanpur (IIT-K) will provide Uttar Pradesh Police with a tool that is designed to detect fraudulent transactions using cryptocurrency. It can be a game-changer as it can help the police to see if there is any fraudulent activity during transactions.
Cryptocurrency scams are not new and have been present for a very long time. Scammers are always on the lookout for new ways to steal money from unsuspecting victims. Since cryptocurrency has had such massive growth in recent years, it has created plenty of opportunities for fraud for such scammers.
In 2021 alone, cryptocurrency-related scams skyrocketed and reached a record high. In a report by Chainalysis, a blockchain data firm, in 2021, crypto scammers stole $14 billion worth of crypto.
Some commonly known cryptocurrency scams are- Fake Websites, Phishing Scams, Pump & Dumps, Rug Pulls, Fake Celebrity Endorsements and Fake Apps.
These look very promising on the surface, but when the public invests in such crypto schemes, they get scammed, and it has become a common problem these days.
About IIT-K's Tool
In a report by Business Insider India, Professor Sandeep Shukla said that the tool developed by IIT Kanpur, known as HOP, can analyse cryptocurrency transactions.
He further said, "The tool is cheaper than any foreign equipment. By September, our tool will be ready to serve the UP police and help in investigations in cases of cryptocurrency fraud."
Subhash Chandra, Assistant Director-General, Cybercrime, emphasised on how cybercrime awareness programmes have become a necessity. He also emphasised how the police departments must prepare to counter the cryptocurrency scams.
He said, "We have taken action against 37,000 accounts, banks and cards, and also recovered Rs 9.5 crore in a year."
Triveni Singh, SP, Cybercrime, said that this programme is an initiative of The Ministry of Home Affairs and Uttar Pradesh Police and the first such event to spread cyber safety awareness and capacity-building for police departments.
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