A Primer on Security and Fraud Detection
The history of fraud is as old as time. Fraud in the crypto world comes as no surprise, and as crypto gains mainstream adoption, it becomes increasingly necessary to be aware of the different forms of fraud in order to be able to identify it.
Fraud is a significant issue for businesses in general, for governments, and for the blockchain industry in particular. According to the 2022 PwC Global Annual Review on fraud, 46% of surveyed organizations reported experiencing some form of fraud or economic crime within the last 24 months.
Governments are aware of the issue for tax purposes, as well as to combat money laundering and terrorism financing. Relevant agencies have a mandate to enforce the law and combat such illicit activity even if cryptocurrencies are involved. Due diligence is required for all subjects associated with financial activity or money services businesses, a...
